Portsmouth out of administration
Published 10:26 24/10/10 By MirrorFootball
Portsmouth's administrators have thanked former owner Alexandre Gaydamak after a deal was finally agreed last night to safeguard the club's future.
The club had claimed on Friday evening that they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Balram Chainrai.
But, after Gaydamak confirmed last night that he would sign an agreement, the club issued a statement expressing their delight that the issue had been resolved.
"The administrators of Portsmouth City Football Club Ltd are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded," the statement read.
"Accordingly, the club has now been formally sold by the joint administrators, Messrs UHY Hacker Young, and will continue to trade outside of administration.
"The administrators would like to thank Mr Gaydamak for his co-operation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."
Gaydamak had last night expressed his frustration with the club for scaremongering about the club being on the brink as he confirmed the deal, which will see Portsmouth pay him £2.2million in instalments over the next five years.
He said: "The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation.
"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.
"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have.
"Everyone understood on Friday that further negotiations were now required.
"A new agreement was reached late this evening and as soon as I receive the papers I will sign them.
"I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."
Tim Stocks of Gaydamak's lawyers Taylor Wessing earlier responded to Pompey's claims by insisting there were merely some technical details to be agreed and that there was never any threat to the club.
Stocks told Press Association Sport: "There was never any demand of £2.5million being paid in cash - there were five or six highly technical points on some of the contracts which I had agreed with the administrator.
"I was baffled and saddened therefore to see announcements saying the club was at the brink, it has caused anxiety for no good reason. I would like to reassure Portsmouth fans that the club is not on the brink."