Balram Chainrai promises Portsmouth stability

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Chainrai, together with fellow businessmen Levi Kushnir and Deepak Chainrai, yesterday set the seal on a deal which has taken the club out of administration and seen a transfer embargo lifted.

The club had claimed on Friday evening that they were on the brink of ceasing trading because former owner Alexandre Gaydamak had refused to sign a deal to sell the club.

But Gaydamak confirmed on Saturday that he would sign an agreement, paving the way for yesterday's breakthrough.

And after months of uncertainty, Balram Chainrai has pledged to take the club forward on a more secure footing.

"We are very pleased to have finally completed the sale process," he said.

"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.