Pompey's new owner Chainrai eyes stability after deal is completed

Portsmouth yesterday confirmed the sale of the club to businessmen Balram Chainrai, Levi Kushnir and Deepak Chainrai has been completed. The deal, which has safeguarded the club's future, received Football League approval yesterday, with the transfer embargo placed on the club lifted.

The club had claimed on Friday evening that they were on the brink of ceasing trading because former owner Alexandre Gaydamak had refused to sign a deal to sell the club. But Gaydamak confirmed on Saturday that he would sign an agreement and the deal has finally gone through.

"It is a relief to come out of administration because the future of the club has been in jeopardy for a long time," chief executive David Lampitt said. "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. However, throughout these difficult times, one thing has remained constant – the incredible support of our fans, whose loyalty and patience has been tested to the limit."

After months of uncertainty at Fratton Park, new owner Balram Chainrai has promised to stabilise the club. "We are very pleased to have finally completed the sale process," he said. "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.

"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 the team will continue its winning run, and we send our thanks and best wishes to Steve Cotterill and his players for the outstanding way they have performed despite uncertain circumstances."

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 league games and sit 13th in the table. Their latest success came at Hull on Saturday, goals either side of half-time from David Nugent and Greg Halford securing a 2-1 win at the KC Stadium. Nick Barmby headed a late consolation.

Swansea moved third with a 2-0 win over Sven Goran Eriksson's Leicester. Marvin Emnes opened the scoring after 50 minutes before Scott Sinclair added a second in injury time. Norwich sit level with the Welsh side on 23 points after overcoming Middlesbrough 1-0 through a Simeon Jackson strike.

Coventry moved into the play-off positions with a 3-0 win over Barnsley, Burnley surrendered their unbeaten home record by crumbling 4-0 against Reading, while Preston moved out of the relegation zone with a 4-3 victory over Crystal Palace, who now sit second bottom. Cardiff visit Leeds tonight with the chance to join QPR at the top of the table.

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

Vegetarian food gets a makeover

Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen