Pompey taken over again

Chainrai seizes control from Al-Faraj

Last updated: 4th February 2010   Subscribe to RSS Feed

Pompey taken over again

Chainrai: Latest Pompey owner

SKY BET ODDS
Portsmouth are 1/10 to be relegated from the Premier League this season. Bet now

Related links

Teams

Also see

Portsmouth have been taken over for a third time this season after Balram Chainrai seized control, subject to passing the Premier League fit and proper person test.

Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after the club continually defaulted on loan repayments.

The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club's future television revenue and Faraj's 90 per cent share.

Angered by Portsmouth's failure to make the repayments, despite Portpin continually extending the deadlines, Chainrai's patience ran out on Wednesday.

Under the terms of the loan Faraj's 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club's best interests.

"Portpin have made substantial loans to Portsmouth to try and ensure the club's future," he told The Guardian. "Portpin will [now] continue to work for the best interests of the club."

Meanwhile, Portsmouth are due in court to appeal against the petition from HM Revenue & Customs over an unpaid tax bill.

Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."

Comments (39)

  • Page 1 of 2
  • 1
  • 2

Andrew Tilley says...

I'm an Everton fan, and I think it's an absoultely sickening that the FA can allow Portsmouth FC to be passed around from pillar to post. Its about time they got off their backsides and did something. They are showing callous disregard for the fans. But by the looks of it, the chances of that happening are pretty much zero because they dont give a stuff about the fans-the people who fork out a fortune for football. I sincerely hope for the sake of the Portsmouth fans and the team this is sorted as soon as possible because it really is sickening.

Posted 10:11 5th February 2010

Peter Jee (Scunthorpe United fan) says...

I don't normally comment on these sort of issues but i like one of the other comments said the whole thing with POMPEY is getting boring . i for my sins am a Scunny supporter and have been for over 50 years they are a small club and still in these days of financial pressure are trading in the black get someone from Pompey to speak to the powers that be at scunthorpe for scme advice . GET A GRIP YOU SOUTHERN SOFTIES OR PACK IN ALL TOGETHER ,See you in the champioship 2010 11

Posted 21:53 4th February 2010

Tony Liverpool fan (Liverpool fan) says...

Sadly, this shows how badly run football is at the moment. Im a die hard Liverpool fan and we are no exception. Were deep in the mire and I wont pretend otherwise. I understand Pompey are on their 3rd set of owners in very recent times ? Shocking isnt it. In reply to Jamie Halls post, whatever happens, DONT get Peter Ridsdale in !!!! He scuppered Leeds and he's now doing the same to Cardiff. How on earth this man is deemed "fit and proper" to run a football club is beyond me. He should never been allowed anywhere near another football club. Good luck Pompey ..... your gonna need it. Best wishes .... Tony

Posted 21:43 4th February 2010

Paul Collins says...

sorry pompey but your club is getting what it deserves who can justify them paying utaka £80k a week? thats more than fabregas at arsenal. they have been living beyond their means. i feel for their fans but they spent beyond their means(wrong) and then tried to jump in and grab a piece of foreign ownership(wrong cus whoever found these buyeres has done a poor job. none of them know football one bit) sad for their fans but if they go bust its their own fault

Posted 19:48 4th February 2010

Graham Hunt (Southampton fan) says...

I agree with the comments saying that the Premier League have alot to answer to. It is pretty obvious that Pompey has not just recently been ran into the ground, but it's been going on for a long time. I'm sure that they are not the only team either. It is simple economics that if you bring in 20 million and spend out 30 million, you are going to be in debt, yet the league allow this to keep happening. I don't the "new owner" has any interest in keeping the team going. He simply wants his money back.

Posted 18:47 4th February 2010

Alan Walsh says...

What is it with football fans, you belive that men of wealth cant wait to pour there hard earned money into there shabby local club. Get a life, if the local fan base cant suport the wages and pay the tax man then fold, and let nature take its course. If any one mentions history or tradition I am going to throw up.

Posted 18:42 4th February 2010

Peggy Dale says...

just in case this new owner does not fit the bill, will the boardroom tea lady please make herself available!!!!

Posted 18:35 4th February 2010

Andrew Mason (Portsmouth fan) says...

third time lucky, not just for us but for the FA'S fit and proper test which has clearly failed twice for us so far

Posted 17:27 4th February 2010

Jason Cains (Portsmouth fan) says...

I think its obvious where the money went. Gaydamak bought players on the never never and on inflated contracts so he could win a cup. That was his goal when he bought his 'new toy' off of mandaric. He did that, couldn't be bothered to maintain the massive debts he incurred, sold the players, then the club keeping money that should have gone to paying off HR's purchases and then has the cheek to say we still owe him money. The premier leagues fit and proper persons test is a joke and makes me think that the PL would rather have Newcastle than Pompey.

Posted 16:50 4th February 2010

Darren Hockey says...

Why should Southampton or any other club care? this is clearly just a case of "re-arranging the deckchairs on the Titanic"...They should us saints fans little or NO sympathy when we were in trouble last year. But then again, none of us will ever forget the booing during the minute's silence for the great Ted Bates. It's all been an attempt to keep up with the Jones's anyhow, at least our former chairmen all knew it was best not to upset the taxman and I hope HMRC makes an example of this vile rabble.

Posted 16:17 4th February 2010

Steve Plant (Swindon Town fan) says...

You can't help thinking, when you look at this continueing saga, where is it going to end, and I strongly suspect the answer is, in tears. As an on looker, you see multiple changes of ownership, when really, stability is the key. Prem League football clubs are precisely that, and not a toy or play thing or object of squabbling over like we have seen by these so called, business men, who have bahaved in an appauling manner, not befiting football. The Premier League, FA and Board of Trade need to get their house in order and come out very strongly and start to administer football clubs with some stronger and more workable rules so as to sustain club ownership and operation in the UK, before we get into Domino Rally with clubs failing throughout the League, due to lack of fundemental rules to sustain infrastructure.

Posted 16:10 4th February 2010

Chris Barsby (Swindon Town fan) says...

This is starting to get pathetic now, and a little boring. Whilst I feel sorry for Portsmouth fans, I am fed up with reading about the not paying players, missing debt deadlines and so forth. However, having seen this person has loaned Pompey around £20 million I feel that is proof alone that he has the required funds to secure the financial future of the club. The FA though, need to review their fit and proper review because it is well and truly a joke. Two people took over the club, within 6 weeks of each other. Neither had knowledge of football, and I think it's clear that neither had the funds required to sustain the future of a Premiership club that has previously carried out large spending sprees.

Posted 16:05 4th February 2010

Nick Gray (Sunderland fan) says...

I hope Portsmouth come good, because they are the bread and butter of the beautiful game. However, football is now just one big jungle of greed and it won¿t be long before a club goes to the wall from either the Premiership or the basement division. I wish we could turn the clock back and give these so -called soccer agents the boot, because they are bleeding clubs dry and are the ruin of football.

Posted 15:53 4th February 2010

Ian Kelsey (Portsmouth fan) says...

Frankie, you are entitled to your opinion about the PFC situation and its been a joke the last 6 months BUT our fans are not fickle nor glory like Southampton fans. Portsmouth fans have been voted on many occasions the best fans in the premiership, i'm afraid Southampton will never return to top flight nor championship! You will be knocked out of the FA cup in a few weeks, FACT!

Posted 15:52 4th February 2010

Pete Whittle (Portsmouth fan) says...

I do hope that each and every club will join us in a show of solidarity as we all did for Brighton in their sickening plight that is still unresolved. I keep redefining my objectives as a Pompey fan ¿.that is what we do. I now just 1) Hope for a club! 2) The Premier League wake up and deal with this 3) Those with sticky fingers are identified. PTID

Posted 15:41 4th February 2010

Alex Ashby (West Ham United fan) says...

Acting in the best interests of the club? As known by all, these new 'owners' are simply interested in recouping as much of the money they have lent- they only own 90% of the club because it's part of the deal that they have in place with al-Faraj, because they knew he couldn't pay up. Portsmouth will lose everything as a result of this. Staying in the Prem is the least of their worries- I would be more concerned with the future of the club after relegation. Good luck to you- Pompey fans are some of the best, so I hope they stick by their club. This is a disgrace to British football.

Posted 15:36 4th February 2010

Keith Morey (Portsmouth fan) says...

You have to ask how someone can passs a fit and proper test, buy a club on credit, strip out and take the money from all the valuble assets and then disappear! We do not deserve to be in this position, debts aside however is this how man U could end up if supporters turn against their owners?

Posted 15:22 4th February 2010

Matthew Jermy says...

Remember what happened to the italian league not long ago..we are going the same way...its a shame but we wont be the best league in the world for much longer..something must change..come on FA, sort this mess out before its too late

Posted 15:21 4th February 2010

Jamie Knott (Portsmouth fan) says...

I'm glad to see the new owner, but at the same time I'm not glad. I genuinely believe that he has alot of money, seeing as we turned to him for the loan in the first place, but I'm sceptical to see if he will follow through after what's happened with our last few owners. I'm not concerned with the club getting relegated because if the money is legit then it will give us a fresh start to try and rebuild the club. Hopefully we'll be able to escape from the high demands of the Premier League for a while and enjoy proper lower league football. Our priority shouldn't be league priority, rather than financial survival. However, this doesn't mean that we should just give up and stop performing on the pitch because we've still got to prove to these businessmen that we're not going to give up and we'll keep on fighting. Also, alot of thanks to the other fans on this site and their sympathy.

Posted 15:10 4th February 2010

Mark Wilstrop (Huddersfield Town fan) says...

I think its a good thing that pompey have been taken over again, if they want to be a premier league team for a long time, then they need to start putting their act together. It wouldn't be nice to pompey get relegated being in the financial state they are in. Hopefully Balram Chanrai will sort the club out and allow avram grant to bring in the players to save the club from relegation. I think Avram would bring in the players to save them from the drop.

Posted 15:02 4th February 2010
  • Page 1 of 2
  • 1
  • 2

Add Comment*

Send us your views

Are you a Sky Sports subscriber?

*All fields required, your email address will be kept private