New Portsmouth Owner Promises To Stabilise Club

New Portsmouth owner Balram Chainrai has promised to stabilise the club after concluding a takeover deal which has finally staved off the threat of closure.

Chainrai, together with fellow businessmen Levi Kushnir and Deepak Chainrai, set the seal on a deal which has taken the club out of administration and seen a transfer embargo 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, paving the way for Sunday's breakthrough.

And after months of uncertainty, Balram Chainrai has pledged to take the club forward on a more secure footing.

"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 that the team will continue its fantastic recent winning run, and we send our thanks and best wishes to [manager] Steve Cotterill and his players for the outstanding way they have performed despite the uncertain circumstances off the pitch.''

After a dismal start to the campaign, Pompey have made light of their off-field problems in recent weeks, having won five of their last six npower Championship games, and currently sit 13th in the table.

Pompey chief executive David Lampitt hailed yesterday's agreement as a

"significant moment'' in the history of the south-coast club.

He 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.

"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.''