Date:Sunday October 24 2010
Well, it is now done.
The Pompey Site has officially confirmed that sale of the club to Balram Chainrai, Levi Kushnir and Deepak Chainrai has gone through.
The football league has approved the new owners and the 'golden share' transferred over, so we can now move on.
Our transfer embargo has also been lifted, although any deals still need to be approved by the football league with monthly financial reports sent to the football league so they can monitor the situation - all sounds fine and fair to me to be honest...
David Lampitt had this to say: '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 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 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 the events of the last 48 hours, the support at Hull on Saturday typified the spirit of this great club. You have played a huge part in getting the club back on its feet and I would like to thank everyone who has stuck by us.
'I would also like to thank my staff whose commitment to the club has never wavered during an incredibly difficult period.
'Finally, an important word of thanks goes to the Administrators - Andrew Andronikou, Peter Kubik, Michael Kiely and the other UHY staff - as well as their lawyers at Walker Morris. The work that has gone on behind the scenes to get us over the line should not be underestimated or forgotten about.'
Chainrai himself - who is now looking to rebuild the club but is not, which I like, making any 'rash promises' as to what they hope to achieve, with the stabilising of the club the main thing - saying this: 'we are very pleased to have finally completed the sale process. 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 Steve Cotterill and his players for the outstanding way they have performed despite the uncertain circumstances off the pitch.'
Onwards and upwards, hopefully!
The 'rumours' of this, that and the other happening are already starting although merely stabilising the club and doing things the right way are the most important things at this point in time.
Continued progress being made with the academy side of things is essential as we MUST produce our own talent in the years ahead as this will make A LOT of difference to our future, and the costs of this, not to mention the money we 'could' also make from selling on our own talent. In time getting the training facilities, and eventually the ground sorted out will help the infrastructure, although this can wait for the time being - as said just stabilising is the most vital thing at the moment.
PLAY UP POMPEY!
Date:Sunday October 24 2010
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Field Mill line-ups - Mansfield v Portsmouth (Saturday April 25 2015)
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