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Page last updated at 15:06 GMT, Thursday, 30 September 2010 16:06 UK

Portsmouth anxiety over delay to sale

Andrew Andronikou
Administrator Andronikou says the club is now financially viable

The anticipated sale of Portsmouth back to the club's most recent owner Balram Chainrai remains on hold.

A takeover by the Hong Kong businessman was expected to be completed this week so the club could leave administration.

But administrator Andrew Andronikou told BBC Radio Solent the Football League still wanted further assurances.

"This hiatus is not helping the football club," he said. "In fact, from week to week we seem to be going one or two steps backwards."

He added: "We've certainly implemented sufficient cost rationalisation to make the club viable."

Once the ownership issue is resolved, the Football League will return Portsmouth's "golden share", paving the way for the club to exit administration.

A transfer embargo on player registrations will also then be lifted.

Portsmouth entered administration in February with estimated debt of £120 million.

In June this year, Pompey agreed a Company Voluntary Arrangement (CVA) to pay back 20p in the pound to the club's unsecured creditors over five years.

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see also
Mandaric considers Pompey return
17 Sep 10 |  Championship
Portsmouth win High Court battle
05 Aug 10 |  Portsmouth
Pompey suffer fresh embargo blow
19 Jul 10 |  Portsmouth
Portsmouth creditors accept deal
17 Jun 10 |  Portsmouth
Portsmouth debts close to 120m
21 Apr 10 |  Portsmouth
Portsmouth enter administration
26 Feb 10 |  Portsmouth

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