The Board of The Football League has agreed to transfer Portsmouth's share in The Football League to a consortium brought together by the Pompey Supporters' Trust, bringing an end to the club's period in Administration.
Due to the Club's Company Voluntary Arrangement not being fully compliant with The Football League's Insolvency Policy, the Board has applied the following conditions of membership - as originally outlined in July 2012.
1. A deduction of 10 points to apply in the 2012/13 season (in addition to the 10 points applied for entering Administration in the 2011/12 season).
2. Restrictions on playing budgets, future borrowing and loan repayments for the next five seasons.
Football League Chairman, Greg Clarke, said: "I would like to welcome the Pompey Supporters' Trust to The Football League and pay tribute to their efforts to save their club. They have galvanised the Club's fans and the City of Portsmouth behind their cause and ensured that it continues to have a professional football club.
"However, the hard work is only just beginning and we will continue working with the new owners to help them establish a sustainable future for Portsmouth Football Club, so that it can put its long running financial troubles behind it for good.
"This has been an extremely challenging situation for The Football League, given the level of debt, the length of the Administration and the issues surrounding the ownership of Fratton Park. I take my hat off to everyone involved, as it has taken significant amounts of hard work, clear thinking and resolve to achieve this outcome.
"Finally, I would like to pay tribute to Portsmouth supporters for giving their financial backing to the Trust's rescue plan and for turning out in force throughout the Administration as it has kept the club in business. Hopefully, this marks the start of a better future."
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