PORTSMOUTH FC has been saved from almost certain liquidation, following a takeover by Hong Kong businessman Balram Chainrai. The administrators of the South Coast club announced the change in ownership this morning, after former chairman Sacha Gaydamak agreed to sign a deal with the club over cash owned to him.
On Friday, the administrators had released a statement that the club was close to liquidation, after Gaydamak has changed some terms at the last moment and wanted cash in hand. Yesterday, the cash-strapped side beat Hull City 2-1 in the Championship to go six games unbeaten, but there had been talk that the game at the KC was the last in Portsmouth’s history. Fortunately, that isn’t the case and the club’s short-term future is at least secure.
The club were relegated last season from the Premiership, after becoming the first club in Premier League history to go into administration and got a nine point deduction. Had the club folded, they would have been the first to go completely out of business since Maidstone United back in 1992. Let’s hope that the future is brighter now at Fratton Park.
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