Portsmouth look to have pulled back from the brink of extinction and could be heading out of administration (Portsmouth 7/1 to be promoted).
The Championship side’s former owner, Sacha Gaydamak, revealed he had reached an agreement with the club over a £2.2m sum owed to him.
Portsmouth had issued a statement on Friday saying they could be forced to fold.
But Gaydamak, the club’s key creditor, said on Saturday night: “A new agreement was reached on Saturday and as soon as I receive the papers I’ll sign them.
“I hope this draws to an end the uncertainty surrounding the club.”
Barclays Bank and another former owner, Balram Chainrai, are the Hampshire club’s other main secured creditors.
“Portsmouth, its fans, employees, players and the community that surrounds it deserve more than being subjected to rumour resulting from some parties using the press,” added Gaydamak.
The former owner will now receive £2.5m in instalments over five years.
Portsmouth (40/1 to win the Championship) have been in administration since February this year, and were £120m in debt at one point.
“Contrary to some reports, I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have,” said Gaydamak.
“Everyone involved understood on Friday that further negotiations were now required.”
Former Hull chairman Paul Duffen now says he has put together a consortium that is interested in buying out the club.
Duffen was part of a group that bought the Tigers from Adam Pearson in June 2007.
“I have been monitoring the situation at Portsmouth for several months and trying to do a deal for some weeks,” Duffen told Express FM. “I have a fully funded bid ready to go.”
Duffen stepped down as executive chairman of Hull and Superstadium Management Company Ltd in October 2009.
Saturday proved an excellent day for Pompey as they continued their recent fine form with a 2-1 away win at Hull.
David Nugent gave Pompey the lead with a breakaway goal in first-half injury time and Greg Halford netted with a free-kick.
Nicky Barmby’s goal for the home side was mere consolation and Portsmouth have now taken 16 points from their last six games.
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