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Portsmouth is sold after exiting administration

Portsmouth is sold after exiting administration

Nepalese businessman Balram Chainrai is widely reported to be the buyer. He owned the club before administration.

Portsmouth: English club Portsmouth has exited bankruptcy protection and has been sold following the agreement of former owner Sacha Gaydamak.

The League Championship club had said it was on the verge of liquidation but announced on Sunday that it will continue to function — a day after resolving a claim for 2.2 million pounds ($ 3.5 million) by Gaydamak.

Nepalese businessman Balram Chainrai is widely reported to be the buyer. He owned the club before administration.

Portsmouth says its administrators, who had run the club since February, "would like to thank Mr. Gaydamak for his cooperation and assistance in securing the future of the club."

Portsmouth was relegated from the Premier League last season after its debt forced it to sell its star players.

first published:October 24, 2010, 18:02 IST