"Balram Chainrai has exercised a clause in the security arrangement with Falcondrone Ltd to take a controlling interest in Portsmouth Football Club.
Mr Chainrai wishes to stabilise the club’s situation until new owners for the club are found.
The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm as part of the original draw down of the loan, depositing with Mr Chainrai the original share certificate and a signed but undated share transfer in favour of Mr Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement.
Peter Storrie continues as the chief executive officer of the club and continues to run the club. Meanwhile new owners are being found for the long-term future of the club.
The club will now apply to HMRC to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found.
New directors will be appointed to the board and Daniel Azougy will no longer be involved with any part of the club.
The importance and priority is to stabilise the business and give the players, staff and fans of Portsmouth FC confidence that the club will go forward."
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