Ashley Brown, Chairman of the PST, said: “This is a historic day for Portsmouth Football Club and for Pompey fans everywhere.
"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 details 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.
Portsmouth Supporters Trust celebrate the news that the fans will take over the club.
Portsmouth administrator Trevor Birch talks to reporters outside the High Court, moments after the news that fans would be allowed to take over the club.
A takeover bid by fans of Portsmouth Football Club is set to go-ahead.
A deal has now been struck with the club's former owner, Balram Chainrai over the value of the Fratton Park ground which will allow the stadium's sale.
The decision at the High Court means that the Pompey Supporters Trust, which is made up of a fans co-operative, can proceed with their takeover bid.
The future of Portsmouth Football Club could be decided today. The club's administrators are due at the High Court to try to release the club's former owner, Balram Chainrai's fixed charge on the Fratton Park ground and force the stadium's sale.
If a judge rules in the administrator's favour the Pompey Supporters Trust can proceed with their takeover.
The Pompey Supporters’ Trust, which has exchanged contracts to buy the Portsmouth FC out of administration, is now waiting on a High Court hearing to decide the club's fate.
The court hearing will decide the value of the Fratton Park stadium in April.
If it is a price that the trust can afford, then will it become the largest fan-owned club.
The sale of Portsmouth Football club is a step closer after contracts were exchanged.
Trevor Birch, joint administrator of Portsmouth Football Club (2010) Ltd and a partner at PKF, has released the following statement:
“We can confirm that the administrators have now exchanged contracts with the PST for its purchase of Portsmouth Football Club.
“Completion is conditional only upon the Court sanctioning the sale of Fratton Park and the Football League transferring the membership share.”
The hearing could give a final green light for the Pompey Supporters’ Trust (PST) to buy the club.
A spokesman for administrators PKF said: "As is often the case in such situations, we are unlikely to get confirmation of the exact date from the court until a few days prior to the hearing."