Troubled Portsmouth finally sold to Chainrai

Troubled Championship club Portsmouth can finally look forward to a brighter future after being sold to Hong Kong-based businessman Balram Chainrai on Sunday.

Just two days after Portsmouth were forced to release a statement warning that the club was on the brink of going into liquidation, Chainrai and his partners Levi Kushnir and Deepak Chainrai were able to rubber-stamp their protracted takeover.

It briefly seemed that the club’s match at Hull on Saturday might be their last after former owner Alexandre Gaydamak refused to sign a deal to sell the club.

But less than 24 hours after Steve Cotterill’s side won 2-1 at the KC Stadium, there was even better news off the pitch as Chainrai’s takeover received Football League approval, with the transfer embargo placed on the club lifted as a result.

Chief executive David Lampitt told the club’s official website: “It is a huge relief to come out of administration because the future of the club has been in jeopardy for a long time.

“It is a significant moment for everyone involved in the club, and we are now in a position where we can move forward on a more stable financial footing.

“This has been an extremely tough journey and the legacy of past events at the club means we still have a long way to travel and a number of battles to fight.”

After a disastrous start to the campaign, Pompey have made light of their off-the-field problems in recent weeks, having won five of their last six Championship games to climb away from the relegation zone.

The 2010 FA Cup finalists, who were relegated from the Premier League last season with debts of over 130 million pounds (203 million dollars), are in need of some stability and Chainrai has promised to deliver exactly that.

“We are very pleased to have finally completed the sale process. We look forward to working with the senior executive team and the football manager, and to be part of the rebuilding process of this historic club,” he said.

“We’re not going to make any rash promises – first of all, we need to stabilise and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way.

“Having supported the club through the administration process, we pray that the team will continue its fantastic recent winning run, and we send our thanks and best wishes to Steve Cotterill and his players for the outstanding way they have performed despite the uncertain circumstances off the pitch.”