The debt-saddled League of Champions club Portsmouth appeared to stay in business after its key creditor Sasha Gaydamak agreed to allow the club to pay its debt worth 2.2 million pounds ($3.45 million) in installments over five years, the British media reported on Sunday.
Portsmouth, who were relegated from the English Premier League and reached the FA Cup final last season, were the first club in the Premier League's history to declare their bankruptcy in February 2010, the media said.
The club, which had seen four different owners in a year and was saddled with a debt of 70 million British pounds ($110 million) and 12 million ponds ($19 million) owed to Her Majesty's Revenue and Customs, failed to find an investor and was placed in the hands of administrators, the media said.
On Friday, the club's administration announced that Portsmouth would go into liquidation after Franco-Russian businessman Gaydamak demanded immediate debt payment. Gaydamak, however, made a statement on Saturday, saying he was ready to sign a deal to delay the debt payment by the club, the media said.
Portsmouth's administrators acknowledged the role Gaydamak had played in helping the club to survive.
"The Administrators would like to thank Mr Gaydamak for his cooperation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival," their statement said.
LONDON, October 24 (RIA Novosti)
