Portsmouth have exited administration after being successfully sold to Hong Kong businessman Balram Chainrai, the club said on Sunday.
The English Championship club, relegated from the Premier League last season, appeared to be on the verge of liquidation on Friday after former owner Alexandre Gaydamak reportedly demanded an upfront payment of 2.5 million pounds as part of negotiations to complete the club's sale.
Gaydamak has since rubbished the reports and is now believed to have a signed a deal to accept repayments in instalments.
"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," a club statement read.
"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 cooperation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."
A previous club statement, released on Friday, suggested that Gaydamak's intransigence was jeopardizing Portsmouth's existence, a claim the French-born Russian businessman refuted and blamed on inaccurate media speculation.
"Contrary to some reports I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have," Gaydamak said on Saturday.
"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic."
"I hope this draws to an end this unfortunate uncertainty surrounding the club."