The news was released at around 4pm today with Mr Justice Mann ruling in favour of Pompey, enabling all Pompey fans to breathe a huge sigh of relief that the club will not be liquidated as feared if HMRC won.
Mr Mann said: "I find that none of the five heads of attack by HMRC amount to unfair prejudice nor have they been materially affected. In my view, HMRC will not be worse off by the situation left by the CVA bearing in mind what the alternatives could be for the club."
"Those alternatives are liquidation, or expulsion from the Football League or worse, bearing in mind the loss of a lot of their assets."
HMRC have confirmed that they will not appeal the decision, releasing a statement of their own:
"We are naturally disappointed not to have won this appeal and we can confirm that we do not intend to appeal."
"Our aim when persuing debt of any kind is to achieve a fair outcome for the taxpayer and we will take this forward in the wider context of the football industry through seperate and outstanding legal proceedings over the status of the so-called "Football Creditors Rule"."
HMRC's loss means that Pompey are now free to come out of administration with Andrew Andronikou's proposed CVA. However, with Balram Chainrai the only interested party, it looks certain that Pompey will be owned by someone who has shown no interest in owning a football club and will simply want to make his money back.
There is also the issue that Steve Cotterill only has 13 senior players at his disposal at this current moment in time.
But those are worries for another day, today we should simply be happy that Portsmouth Football Club has survived one of the most important days in its recent history, and we can finally look forward with a bit more optimism.