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Crisis in Football PORTSMOUTH FINALLY OUT OF ADMINISTRATION
| PORTSMOUTH FINALLY OUT OF ADMINISTRATION |
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26 October 2010 Championship club Portsmouth has finally got new owners Hong Kong businessman Balram Chainrai, his brother Deepak Chainrai and business partner Levi Kushnir. The club said it had received the approval of the Football League in relation to the new owners and the transfer of The Football League share to the new ownership company. The transfer embargo on the club will now be lifted, although all deals will remain subject to Football League approval. The club will also be required to provide monthly reports to The Football League as part of the League's ongoing monitoring of the club's financial affairs. Chief executive David Lampitt said: 'It is a huge relief to come out of Administration because the future of the club has been in jeopardy for a long time. “ An official statement last night revealed the club has been formally sold after former owner Sacha Gaydamak finally agreed to sign vital documentation. The club had claimed on Friday night that they were on the brink of ceasing trading because Gaydamak had refused to sign the deal, but Tim Stocks of Gaydamak's lawyers Taylor Wessing said he would be recommending to the business tycoon that he sign the deal with the club regarding the payment schedule of £2.2m owed to him. Under the deal, Pompey will pay Gaydamak £2.2m in instalments over the next five years. The signing of the deal allowed Pompey to be sold to Balram Chainrai and enabled the club to come out of administration. In a statement, Gaydamak said: 'The news this week surrounding football and this club shows that the uncertain preoccupation with money and finance isn't helping the game and its reputation.{jcomments on}
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