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From The Times
February 4, 2010
Portsmouth ‘taken over’ for fourth time
Scott Rutherford
Portsmouth are believed to be under their fourth owner this season after Balram Chainrai, a Hong Kong businessman, was reported to have seized control of the club.
Chainrai had loaned the club £15 million to keep them afloat, but is frustrated by their failure to make repayments. The loans were secured against the Fratton Park stadium, future television revenue and the 90 per cent shareholding of Ali al-Faraj. After the latest deadlines were missed, Chainrai’s company, Portpin, is believed to have taken over al-Faraj’s shareholding.
“Portpin have made substantial loans to Portsmouth to try to ensure the club’s future,” Chainrai said. “Portpin will now continue to work for the best interests of the club.”
Chainrai is believed to have been waiting for a substantial sum from the £7 million of television revenue from the Premier League. However, that money was used by the League to pay clubs owed money from transfer deals.
Alexandre Gaydamak sold Portsmouth last summer to Sulaiman al-Fahim, a Dubai investor. He then sold 90 per cent of his stake to al-Faraj in October. The Saudi businessman has failed to halt the financial meltdown, with Portsmouth facing administration and fighting a winding-up petition by Revenue & Customs.
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