Portsmouth taken over again!
Thu 4th Feb 2010 | Clubs Ownership
After a miserable start to the season, it is believed that Portsmouth FC have been taken over for the fourth time 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. He is said to own 90% of the club having taken over previous owner al-Faraj’s stake in the club.
Portsmouth who face a court appearance on the 10th Feb to battle a winding-up petition by HMRC over an unpaid tax bill have struggled both on and off the field this season. Struggling to pay many of its creditors, the Premier League stepped in earlier this month, distributing the clubs share of TV money to settle its many unpaid transfer fees.
It is understood that Chainrai's patience ran out yesterday, and he instructed his lawyers to act. Under the terms of the loan Faraj's 90% shareholding in Portsmouth was frozen and passes to Chainrai.
Portsmouth remained rooted to the bottom of the Premier League after losing 1-0 to Fulham last night. With relegation from the Premier League a real possibility, this would severely affect Portsmouth’s long term financial health. The sale of most of its highest paid players has failed to make any impression to this situation.
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