Portsmouth FC's perilous state looks set to be reversed after administrator BDO confirmed that the Pompey Supporters Trust (PST) had secured victory in its bid to save the club.
The League One club, which has been in administration for 14 months, finally reached an agreement with former owner Portpin just moments before the two sides were due to meet in court over the price of the Fratton Park ground.
It means PST now has the green light to complete a full buyout of the club. It had its earlier £3m bid for the club rejected by Portpin, which was holding out for £10m. Both parties have now agreed terms before their court clash.
Trevor Birch, BDO partner and joint administrator of Portsmouth Football Club (2010) Ltd, said: 'It is gratifying that both the PST and Portpin have worked hard to reach an agreement that safeguards the club's future without the need for a court decision. This is the best possible solution for everyone involved.
'We will now work with PST, Portpin and the Football League to conclude the deal as quickly as possible in order to enable the new owners to begin the urgent task of rebuilding the club.
'The past year has been incredibly challenging for everyone involved with the club - fans, staff and players - and I want to thank them for their support. They deserve credit for keeping Portsmouth Football Club alive despite what, at times, seemed like insurmountable obstacles and I'm sure that their actions will inspire supporters' groups at other clubs in the future.'
Ashley Brown, chairman of the Pompey Supporters' Trust, said: 'This is a historic day for Portsmouth Football Club and for Pompey fans everywhere. At last, the tough work done over the last year is over and we can start to rebuild our club.
'Pompey fans are now days away from owning and running our club and becoming the biggest community-owned football club in the country. We have a lot of people to thank - and much more to say - but will do that once the detail of today's settlement are finalised.
'For now, we would like to offer heartfelt thanks to Pompey fans all over the world who have pledged money and have saved our club from liquidation.
'Now the next chapter of hard work begins to transform our club into something the community of Portsmouth can be proud of - both on and off the field.'
Trevor Watkins of Pinsent Masons, which advised BDO on the Portsmouth FC administration, said that rules on financial discipline installed by the Premier League and Football League, as well as the football governing body in Europe, UEFA, should ensure that there is no repeat of the troubles encountered by Portsmouth FC.
'The significant development marks both a new beginning for the club and I believe the beginning of a new, financially responsible era for the football industry.'
'While this is a tremendous solution, the future of football is much brighter. It anticipates a world we are already seeing where commercial rights increase in value and complexity and in turn drive the international appetite for investment in the game,' he said.