Saudi businessman Ali Al-Faraj has completed his takeover of Portsmouth after acquiring a 90 per cent stake in the club from former owner Sulaiman Al-Fahim.
Al-Fahim's chaotic five-week reign at Fratton Park was dogged by financial difficulties, which came to a head with the club's staff and players not being paid their September wages on time.
"The takeover will ensure Portsmouth's future is safe and will bring financial stability," read a club statement.
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Elsewhere, Everton striker Jose Baxter has been released on police bail following his arrest for possession of drugs and counterfeit money.
The 17-year-old from Bootle was arrested alongside two other men for possession of cannabis and fake cash in the Kirkby area of Liverpool on Monday.
The Toffees have declined to comment on the news concerning their youngster ever first-team player.
George Gillett insists Liverpool's current problems cannot be blamed on either he or fellow co-owner Tom Hicks.
The Reds have lost three of their opening eight Premier League games and were defeated by Fiorentina in the Champions League last week.
However, Gillett has pointed the finger at manager Rafael Benitez after claiming that the Spaniard has been given enough cash to bring silverware to Anfield.
In cricket, Shane Watson was singled out for praise by captain Ricky Ponting following sportsbook favourites Australia's ICC Champions Trophy success over New Zealand.
Monday's six-wicket victory over the Black Caps at Centurion Park saw Australia become the first team to successfully defend the one-day trophy.
A second successive century from Watson was largely responsible for Ponting's side following up their success in India three years ago with another one-day tournament victory in South Africa.
Watson also smashed 136 not out against England in the semi-finals.
Meanwhile, Paul Collingwood has been forced to withdraw from the forthcoming Champions League tournament in India due to injury.
The England all-rounder was scheduled to take part in the competition, which begins this week, for the Delhi Daredevils.
Collingwood suffered a grade two tear in one of his gluteal muscles during the ICC Champions Trophy.
In rugby league, Huddersfield Giants full-back Brett Hodgson has been named the Super League Man of Steel.
The 31-year-old is only the fourth Australian winner of the accolade, which follows the Rugby League Writers' Association player of the year award he also won last month.
Hodgson beat off competition from Adrian Morley and last year's winner James Graham to take the prestigious player of the season award.
Meanwhile, the Giants are celebrating after taking a treble at Super League's end-of-season awards night.
Nathan Brown was named Coach of the Year while the Giants, who reached the Challenge Cup Final and finished third in the final Super League table, also took the honours in the Club of the Year award.