Venables agrees to stand down

Terry Venables has finally agreed to stand down as chairman of Portsmouth - the club he bought into for a £1 - after accepting a lucrative cash offer.The former England coach is believed to have been paid at least £200,000 for his disputed 51 per cent controlling interest in the club by director Martin Gregory.Boardroom rival Gregory will now take control of Portsmouth with a 96 per cent shareholding in the club which is losing £150,000 per month.