Chainrai appointed Portsmouth owner
Reuters - Thursday 04 February 2010, 10:38
LONDON - Hong Kong businessman Balram
Chainrai has become Portsmouth's fourth owner in less than a
year and will soon look to sell on to a fifth, the troubled
Premier League club said on Thursday.
Chainrai took control of the club from Ali al-Faraj, who in
turn had followed Sacha Gaydamak and Sulaiman al-Fahim.
Chainrai has taken over the 90 percent shareholding in the
south coast club that was held by al-Faraj after triggering a
clause when he did not receive repayments of a 17 million
pounds loan he made to the club via his company
Portpin.
"Portpin have implemented the clause with immediate
effect," a club spokesman said on Thursday.
"It is a temporary measure. He has lent al-Faraj money to
keep the club going and will now come in and stabilise the club
before looking for a new owner as soon as possible."
Portsmouth are currently banned from buying players because
of money owed to other clubs while the players and staff have
regularly had their salary payments delayed this season.
Portsmouth, who lost 1-0 at Fulham on Wednesday to remain
five points adrift at the foot of the Premier League, are
fighting a winding-up order from the Government's Revenue and
Customs department.
They are appealing against the ruling, with a hearing due
in the High Court on February 10, when the club could be forced
into administration.