13 Aug 2010Portsmouth edge closer to takeover

Football Clubs News | Football Finance News

Troubled south coast football club Portsmouth are on the brink of being taken over by Hong Kong-based entrepreneur and former owner Balram Chainrai, according to reports.

Chainrai's bid to retake control at Fratton Park took him to the High Court last week, after HM Revenue and Customs failed in its bid to block a company voluntary agreement aimed at bringing the debt-stricken side out of administration.

"We have drawn up the final draft of the sale and purchase agreement," administrator Andrew Andronikou told the Guardian. "I hope this can be signed and exchanged with Mr Chainrai hopefully by this weekend."

He added that Chainrai has been in contact with bosses at the Football League ahead of the required fit and proper person test and suggested early discussions have been encouraging.

Portsmouth are still subject to a transfer embargo and manager Steve Cotterill has so far been unable to add to his threadbare playing squad, but the ban is expected to be lifted quickly if Chainrai's takeover goes ahead.

Written by Mark Thompson

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