Portsmouth Football Club has confirmed a takeover by Convers Sports Initiatives plc, owned by Russian businessman Vladimir Antonov, after The Football League approved the deal.
The agreement, for a fee which the npower Championship side didn’t disclose, sees Convers Sport chairman Antonov and president Roman Dubov along with former Leeds United CEO Chris Akers and Sports Internet Group purchase the club from Balu and Deepak Chainrai, and Levi Kushnir.
Antonov told the club’s official site: "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 twelve months. We ultimately selected Portsmouth Football Club because of its history, loyal fan base and its potential to return to the Premier League.
"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 last year."
Convers Sports Initiatives already have strong presence in sport, managing the commercial development of the like of the Russian Ferrari race team, the Spyker Squadron motorsports team and North One Sport, the global promoters of the World Rally Championship (WRC), the Isle of Man TT race series, the Velux 5 Oceans Race and Clipper Round the World sailing events.