foxsports
Portsmouth will avoid going out of business after former owner Sacha Gaydamak agreed to accept 2.2 million pounds ($3.5 million) the club owes him in installments over five years.
The League Championship club had said it was on the verge of liquidation because Gaydamak wanted payment upfront. But Gaydamak's lawyers said Saturday that there had been no danger.
Tim Stocks of law firm Taylor Wessing says the schedule "works for all creditors as well as Sacha, so I'm hopeful we will get the paperwork signed."
Stocks added that Gaydamak, who sold the club in July 2009, had not demanded immediate repayment.
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Portsmouth was relegated from the Premier League last season after its debt forced it to sell its star players.
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