Portsmouth have avoided the threat of liquidation after Balram Chainrai finally completed his takeover of the Championship club.
Pompey's future looked bleak on Friday following a statement regarding their plight due to a breakdown in negotiations with former owner Alexandre Gaydamak.
However, an agreement has now been reached with Gaydamak which has enabled Chainrai to finalise his buy-out and to take the club out of administration.
Under the terms of the deal, Gaydamak will receive £2.2m in instalments over the next five years.
A club statement read: "The administrators of Portsmouth City Football Club Ltd are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded. "
Accordingly, the club has now been formally sold by the joint administrators, Messrs UHY Hacker Young, and will continue to trade outside of administration.
"The administrators would like to thank Mr Gaydamak for his co-operation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."
Portsmouth became the first Premier League club side to go into administration earlier this year and were ultimately relegated from the top-flight.