Portsmouth have come out of administration after being sold to a company controlled by their former owner Balram Chainrai, the English Championship (second division) club's administrator told Reuters on Sunday.
"The sale has been completed to a new company principally owned by (Hong Kong businessman) Balram Chainrai and (his business partner) Levi Kushnir," said administrator Andrew Andronikou, a partner in the firm of UHY Hacker Young.
"The football club has exited administration and been freed from the shackles of its past. They (new owners) have taken on the liabilities of the CVA (Company Voluntary Arrangement)."
The administrators issued a statement on the club's website (www.portsmouthfc.co.uk) late on Saturday confirming the sale a day after Portsmouth had warned they could go into liquidation.
It said the administrators "are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded. "Accordingly, the club has now been formally sold by the Joint Administrators, Messrs UHY Hacker Young, and will continue to trade outside of Administration."