Portsmouth have confirmed the completion of the sale of the club following the approval of the Football League.
Portsmouth out of administration after sale to Chainrai
PORTSMOUTH, ENGLAND // Portsmouth have confirmed the completion of the sale of the club to Balram Chainrai, Levi Kushnir and Deepak Chainrai, following the approval of the Football League.
The English club, now in the league's second tier, has exited bankruptcy protection was on the verge of liquidation. However, a day after resolving a claim for £2.2 million (Dh12.6m) by former owner Sacha Gaydamak, Portsmouth announced that its immediate future is secure.
The Football League approved the trio's purchase of the club, which has had their transfer embargo lifted and is free to sign players in January - although all deals must be approved by the league.
Portsmouth were relegated from the Premier League last season after their debt forced them to sell their star players and had been run by administrators since February.
"We're not going to make any rash promises," Balram Chainrai said. "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."
Balram Chainrai effectively controlled the club before administration after previous owner Ali al Faraj defaulted on a loan he had taken from the Nepalese businessman.