Fratton Park club have new Russian owners.
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.”