Balram Chainrai close to securing rescue for Portsmouth

Portsmouth are hopeful that Balram Chainrai's deal to buy the club for a second time will go through in the next couple of days, allowing Pompey to come out of administration.

The Hong Kong businessman, who owned the club in the 2010-2011 season, and his company Portpin are expected to agree a deal soon, ending months of uncertainty for supporters after the club went into administration in February for the second time in its history. He agreed a company voluntary arrangement last month to pay creditors two pence in the pound and is himself owed around £20m.

Portsmouth are understood to be close to reaching agreements with the last of their three senior professionals, Tal Ben Haim, Dave Kitson and Liam Lawrence, whose high-value existing contracts are an obstacle to Chainrai. In the meantime, their manager, Michael Appleton, has been unable to sign new players as he prepares for life in League One with a 10-point deduction.

The striker Kanu quit the club over the weekend but he is still threatening to sue Portsmouth for the £3m left on his contract. In the last week, Portsmouth have also managed to persuade Luke Varney, Greg Halford, David Norris and Erik Huseklepp (pictured) to accept compromise deals, vastly reducing the debt the club is carrying.