4 Feb 2010Chainrai takes control of Portsmouth

Football Clubs News | Football Finance News

A new owner is in charge at Portsmouth for the fourth time this season, with Balram Chainrai taking control of the struggling club last night (February 3rd).

According to reports, the Hong Kong businessman invoked a repayment clause to acquire the 90 per cent stake previously held by Ali al-Faraj.

Chainrai is believed to have loaned Portsmouth about £17 million through his company Portpin following Faraj's takeover in October last year.

Having grown frustrated by the Saudi tycoon's failure to repay the money, Chainrai called in his lawyers and took ownership of Faraj's stake under the initial terms of the loan.

He is the fourth owner to be in change at Fratton Park this season after Sacha Gaydamak, Sulaiman al-Fahim and Faraj.

Speaking to the Guardian, Chainrai said: "Portpin have made substantial loans to Portsmouth to try and ensure the club's future. Portpin will [now] continue to work for the best interests of the club."

One of the company's first tasks will be to stave off a winding-up petition from HM Revenue & Customs, with the south coast outfit due to appear at the High Court on February 10th over an unpaid tax bill.

Written by Paul Roberts

© Copyright