Portsmouth have exited admninistration and been sold to Balram Chainrai, Levi Kushnir and Deepak Chainrai. The Football League has lifted the transfer embargo imposed on Pompey, but all deals will require the League’s approval, while the club must also submit monthly financial reports for monitoring.
Portsmouth have exited admninistration and been sold to Balram Chainrai, Levi Kushnir and Deepak Chainrai. The Football League has lifted the transfer embargo imposed on Pompey, but all deals will require the League’s approval, while the club must also submit monthly financial reports for monitoring.
Balram Chainrai commented, ‘We are not going to make any rash promises. 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.’
Pompey chief executive David Lampitt said on the club’s website, ‘It’s a huge relief to come out of administration because the future of the club has been in jeopardy for a long time. We’re now in a position where we can look to 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 that we still have a long way to travel and a number of battles to fight.’
Fans’ representatives have made the point that the way in which Friday nght’s statement was issued played with their emotions and caused a lot of anxiety and distress.