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Takeover complete - Lampitt and Chainrai speak

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.

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  • The Journalist

    Writer: pompeyrug Mail feedback, articles or suggestions

    Date:Sunday October 24 2010

    Time: 5:48PM

    Your Comments

    good stuff..personally, i am pleased with te low key approach and establishing the club, and to re-establish the good reputation we had among fans of other clubs. Although I have read the rumours of chinese big money..etc etc i do find it hard to believe. Balu seems to me to be both competant and ...well..decent. He paid te the small debtors off in full I believe, took SG's old man to court and won...and closed in on his surety(FP) when Mirage and Co did'nt pay up on time...made his lad mascot a couple of times..and has stuck through with it. i do believe he will have some investors lined up, and i reckon he will buy the surrrounding land refurbish FP by the quarter turn option and develop the training ground, and ten sell his stake in a half decent Prem/championship club at a reasonable profit. in a a couple of years, maybe three....and if he does, i will definately send hm a christmas card
    plymouth graham
    Great news, and I agree with Graham about the low-key approach. This should be top of the page Rug.
    PFCblue
    The Football League have just confirmed it all and stated 'The Board of Directors of The Football League has agreed to transfer Portsmouth Football Club's share in The Football League to PFC Realisations Limited, a new company under the control of Balram Chainrai and Levi Kushnir. The club has now complied with The League's insolvency policy and completed its exit from administration under Football League rules.

    Greg Clarke, The Chairman of The Football League, said: "We would like to welcome the owners of Portsmouth Football Club to The Football League. The exit from administration brings to a close what has clearly been a difficult period in Portsmouth's history, heralding a fresh start for all connected with the club.

    "The Football League will now work with the club to encourage it to operate in a sustainable manner. This includes increased financial reporting requirements and restrictions on player signings that will help the club live within its means going forward, [Edited by eastneydave]
    eastneydave
    It's all good, slightly concerned about the additional reporting to the FL, this is a notoriously dodgy out fit and Portsmouth commercial security should be safe guarded; what stops the information being passed to other clubs; particularly in terms of competitive offers and contract negotiations. If chan wishes to gift a player to the club it should be permitted as anywhere else. We cannot be disadvantaged. It also must be finite. Other than that I'm delighted and I think Plymouth Graham has it right, Chan the man did the right thing and did what he said. It's a long road ahead but finally we can be sure the light at the end of the tunnel is not a train coming the other way.
    russellm
    Well we all hope this is the beginning of a new chapter. I just want any Pompey headlines to be about what happens on the pitch & not off it.
    storagematt
    here here Matt, Lets concentrate on the football for the rest of the season, see how far up the ladder we can climb! Personally I wont care if we dont go back up to the premiership (which is big for me because I dont get to see any championship footy out here) Lets survive this year, with a nice buzz of finishing somwehere near the top, we will have a better idea of how the land lies then, grow and move on. The premiership is great, but I dont know if that would put us straight back into a funk, although I am sure the extra money would be welcome, for now welcome Balu, got my fingers crossed for you.PUP
    NZ_Portsmuff
    Sky Sports reports "Balram Chainrai has implied that Cotterill, who has steered Championship side Pompey on a six-match unbeaten run, will be offered room to manoeuvre in terms of transfers. "We have the full support of Mr. Cotterill, our manager, as long as he keeps producing what he has been producing he will get what he wants," Balram Chainrai told Sky Sports News. He added: "We are going to need to borrow money from elsewhere, but that is all going to be discussed in confirmation with all the assurances that we have given to the Football League."
    PFCblue
    Actually I'd love to get back to the premier league, not for the football because in all honesty I got a bit bored of it all in the last couple of years but merely to stick two fingers up at those in charge :-)
    stooH
    stooh I get that, i would like to be in the PL just to be there; i loved it! I could live with a bagies scenario for say three years; Boing up, TV Money, Boing down Parachute Payment repeat Adinfinitum = club with good infrastructure and lots of money; although there has to be a point where they invest to stay up. People keep saying we need a 35K seater stadium but ive been at FP when we have been home to West Brom or Wigan and there arent more than 8k people in attendance. I do not want a Wigan scenario; if i wanted that level of crowd excitement i would go to lawn bowls
    russellm
     

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