English club Portsmouth has exited bankruptcy protection and was bought Sunday by three businessmen, including former owner Balram Chainrai.
The League Championship club had said it was on the verge of liquidation. However, a day after resolving a claim for 2.2 million pounds ($3.5 million) by former owner Sacha Gaydamak, Portsmouth announced that its immediate future is secure.
The Football League approved the trio's purchase of the second-tier club, which has had its transfer embargo lifted and is free to sign players in January - although all deals must be approved by the league.
Portsmouth was relegated from the Premier League last season after its debt forced it to sell its star players. It had been run by administrators since February.
Levi Kushnir and Deepak Chainrai are the other two buyers.
''We're not going to make any rash promises,'' Balram Chainrai said. ''First of all, we need to stabilize and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way.''
Balram Chainrai effectively controlled the club before administration after previous owner Ali al-Faraj defaulted on a loan he had taken from the Nepalese businessman.
