The Npower Championship side has been sold to Balram Chainrai, Levi Kushnir and Deepak Chainrai following approval from the Football League in relation to the new owners .
On Friday it was thought the club could shut down after negotiations reached a halt with former owner Alexandre Gaydamak.
But a deal was eventually agreed to allow the takeover to go through and the club to continue trading.
Pompey chief executive David Lampitt said: “It is a huge relief to come out of administration because the future of the club has been in jeopardy for a long time.
“It is a significant moment for everyone involved in the club, and we are now in a position where we can look to move forward on a more stable financial footing.
New owner Balram Chainrai said: "We are very pleased to have finally completed the sale process. We look forward to working with the senior executive team and the football manager, and to be part of the rebuilding process of this historic club.
"We're not going to make any rash promises – first of all, we need to stabilise and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way."