Portsmouth are a step closer to coming out of administration after former owner Balram Chainrai's offer to take over at Fratton Park again was accepted.

Administrator Trevor Birch on Friday sent proposals for a Company Voluntary Agreement which will see the club's creditors initially offered approximately 2p in the pound.

Chainrai's previous spell in charge of Pompey ended when he sold the club to Convers Sports Initiatives at the end of the 2010/11 season.

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