In total, the pirates are believed to have received between $800,000 and $1m since the Chandlers were taken.
We're delighted that the Chandlers are heading home," said Jama.
Analysts believe that the captors lowered their ransom demand as the Chandlers became a security and financial liability.
On the one hand, you had al-Shabab fighters closing in on the captors, and on the other hand, the cost of securing and feeding the Chandlers was mounting," Ali Omar Ahmed, a maritime security consultant, said.
After a complicated series of phone calls which ended with reporters being asked to call two numbers at the same time, ITV News's UK editor AngusWalker spoke to Mr Chandler.
At the time of the call, Mr Chandler said the couple were being held "hostage" a mile off the coast of Somalia on the Kota Wajar, a container ship which was hijacked in the Indian Ocean on October 15.
During yesterday's phone call, Mr Chandler said the couple were forced to sail towards Somalia after their boat was captured.
With his blond hair, weightlifter physique and love of surfing and cars, Chandler was a quintessential Californian of his generation.
Chandler resigned as the paper's publisher in 1980 following 20 years at the helm.
Soon after, the Chandler Family Trust sold newspaper parent company Times Mirror Co.
As a result, Chandler will be able to offer tax-free betting to their telephone clients, who will now be able to ring a freephone number in Gibraltar and place bets on horse-racing and other sports without paying any betting duty.
Chandler already operate a substantial credit and deposit betting operation in Gibraltar, but until now it has been available only to non-UK residents.
Chandler's 6,500 credit clients have already received letters informing them that Victor Chandler Credit Betting Limited has been sold to Victor Chandler International, incorporated in Gibraltar.