• 'The current preoccupation with money and finance isn't helping the game' • Former owner agrees deal to sell to Balram Chainrai

This article is more than 9 years old

This article is more than 9 years old

Portsmouth's administrators have thanked the former owner Sacha Gaydamak after a deal was finally agreed last night to safeguard the club's future.

The club claimed on Friday evening they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Balram Chainrai.

But after Gaydamak confirmed last night he would sign an agreement, the club issued a statement expressing their delight that the issue had been resolved.

"The administrators of Portsmouth City Football Club Ltd are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded," the statement read. "Accordingly, the club has now been formally sold by the joint administrators, Messrs UHY Hacker Young, and will continue to trade outside of administration.

"The administrators would like to thank Mr Gaydamak for his cooperation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."

Gaydamak had expressed his frustration with the club for suggesting the club was on the brink. Portsmouth will pay him £2.2 million in instalments over the next five years.

He said: "The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation.

"Portsmouth football club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.

"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have. Everyone understood on Friday that further negotiations were now required. A new agreement was reached late this evening and as soon as I receive the papers I will sign them.

"I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."