Pompey get fourth owner

Crisis struck Portsmouth have their fourth owner of the same season as Hong Kong based businessman Balram Chainrai takes over. Chainrai is learnt to have acquired the club as a business proposition and might sell it off after the financial crisis is over and the club does better.

Chainrai has taken control from Ali Al Faraj and has acquired it as part of a £17m loan by the latter. A clause in their agreement made the businessman the new owner. He had lent this amount to the former and the non-repayment clause in their agreement stated that he could take over the club. It is learnt that new directors will be appointed to the club now and a totally fresh management might take over.

The Pompey financial crisis has taken many turns and the club would’ve seen a winding up order on 10th February if this new deal hadn’t taken place. Chainrai’s company Portpin has now become 90% stakeholder in the club and will exercise complete control over administrative matters.

Portsmouth have trouble on the field as well as they sit at the bottom of the Premier League and seem set to be relegated if they can;t find some new players or pull up their socks. It waits to be seen if Portpin and Chainrai can induce that energy both in terms of funds and players. Pompey had lost their match against Fulham yesterday night 1-0.