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Convers Sports Initiatives (CSI) have become the new owners of Portsmouth football club after they were approved by the Football League.

The Russian company, controlled by London based Vladimir Antonov, bought the Championship for an undisclosed sum from Balram Chainrai, a Hong Kong businessman.

Pompey fans will be hoping for a period of stability after the club have gone from winning the FA Cup to relegation and administration.

Manager Steve Cotterill managed to retain their Championship status despite only having nine first-team players on his books.

Cotterill will hope the new owners will give him some money to spend in the summer transfer window.

CSI already owns a substantial list of sports teams, franchises and rights.

It is the global promoter of the World Rally Championship, has a controlling interest in PowerPlay Golf and owns a 65% share of Executive Sport Limited, the parent company of the Leaders in Football conference.

“We have conducted extensive due diligence and held detailed negotiations with a number of clubs in the English Premier League, Championship, League One and Scottish Premier League over the past 12 months,” Antonov said.

“We ultimately selected Portsmouth Football Club because of its history, loyal fan base and its potential to return to the Premier League.

“The supporters are amongst the most passionate in the game and that gives the business a strong foundation to build on.

“We look forward to working with all those connected with Portsmouth Football Club including the management, players, employees and sponsors, as well as developing close ties with the city of Portsmouth and the community.

“We would also like to thank Mr Chainrai and his executive management team for their stewardship of Portsmouth Football Club through one of the most difficult times in its history, pre and post-administration.”

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Portsmouth say they are close to reaching an agreement to avoid being wound up in the High Court.

The club’s lawyers have been in talks with Her Majesty’s Revenue & Customs over a deal which they hope will lead to Wednesday’s action being dropped.

It is likely that a substantial part of the money owed will be paid, with the rest of the debt being rescheduled.

The negotiations came a week after businessman Balram Chainrai became Pompey’s fourth owner this season.

An agreement has already been reached with the creditors other than HMRC who have been named in the case, which relates to a reported £7.5m Vat bill.

If a compromise is reached, it is likely that a substantial part of the money due to HMRC will be paid, with the rest of the debt re-scheduled, thereby avoiding Pompey becoming the first top-flight club going into administration.

BBC Radio 5 live’s sports news correspondent Gordon Farquhar said: “With the new, albeit probably temporary, owner in place and some cash in hand from player sales in the transfer window, Portsmouth are in a much better position to negotiate with HMRC to try to find a way around their demands.

“Negotiations will resume on Tuesday with the club hopeful that a deal can be done to make Wednesday’s winding-up petition go away all together.

“The other creditors named in the action have been satisfied. The Revenue are likely to want a chunk of cash now and to be convinced that if they agree to re-schedule the remainder of the debt, that they will be paid.” (BBC Sport)

Well one thing that Portsmouth fans can not say about this season is that it was boring. It appears that the financial heartache that has been rotting the club over the past 18 months could be about to be clearing. Sure it has taken having to sell almost half a squad, the better half, to balance the books but the threat of ‘winding up’ may be about to be extinguished.

Now all they have to do is avoid the drop. Pompey are seven points adrift but Avram Grant has got the south coast side believing in themselves and they must get something from their home fixture against Sunderland who are there for the taking after eleven games without a win and with a truly horrendous away record (five points from a possible 36).

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