London: Portsmouth have secured financing and expect a transfer freeze imposed for unpaid debts to other clubs to be lifted next week, minority owner Suleiman al-Fahim said.
"(We) met with financial advisors of the consortium and the threat of the petition on the club is no longer there," Fahim told Reuters. "The club has made the revenue payments and the embargo on the club will be cleared by Tuesday or Wednesday.”
"The club has secured financing and will start to become stable by the end of this week," he added.
The Premier League imposed the registering of new players embargo on Oct. 15, stating Portsmouth had outstanding transfer fees due to other clubs.
Portsmouth, languishing at the bottom of the league, were taken over last month by Saudi businessman Ali al Faraj who bought 90 percent of the club`s shares from Fahim, who had struggled to refinance the club`s debt.
In September, payments to some of the first team squad were delayed and, despite the sale of many leading players over the last 18 months, the club is still struggling with debt.
"We will have our first official board meeting on Dec. 1 and I am giving back the property rights to the club so they can upgrade the current stadium," Fahim said.