A statement on the official website reads:
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 cooperation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival.
Ex-Hull City chairman Paul Duffen was linked with a bid on Saturday whilst Tom Lever has had his say, but Balram Chainrai is the man who takes control of the club for the second time.
However, there is a rumour going around that Milan Mandaric is involved in the takeover, with some murmurings that Hong Kong businessman; Kenny Huang, recently linked with a takeover of Liverpool FC, may also be involved in the deal somewhere.
And you also can't rule out Chainrai selling the club on in a short space of time to someone else completely.
Watch this space!