Portsmouth went into administration for the second time in as many years 14 months ago and Whittingham admits he did fear for the club's future.
However, it was confirmed on Wednesday that the Pompey Supporters' Trust had agreed a deal with Balram Chainrai over the purchase of Fratton Park, following a High Court hearing in London.
Whittingham has paid tribute to those fans who battled to save the club and is thrilled with the outcome after such a long period of uncertainty.
"A year in administration, you tend to think that a lot has gone on, and if is ever going to come out," Whittingham told Sky Sports.
"It started in December, when you have so many false dawns about things off the pitch, that you start to wonder if it will ever happen.
"You just knew it would go right down to the wire, and we are just so thankful it has turned out this way.
"It is everything for people down here. They are so emotional about it because Portsmouth are their lives."
SOS Pompey chairman Bob Beech believes other clubs in England should adopt fan ownership and has reached out to troubled League One rivals Bury to offer support.
He said: "It is a very happy day for everyone connected with the club. It has been a long road and I unashamedly shed a few tears this afternoon.
"Today we have sent messages to the supporters of Bury, who face exactly the same situation as what we have done for the last few years, and we stand shoulder to shoulder with those fans.
"Fan ownership is the model for all football in this country, and we need take a leaf out of the German model and go for it."