Pompey ask to delay order

Storrie to stay on as chief executive as new owners sought

Last updated: 4th February 2010   Subscribe to RSS Feed

Pompey ask to delay order

Chainrai: Looking for new owner

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Portsmouth have applied to HM Revenue & Customs to delay a winding-up order after Balram Chainrai was confirmed as the club's new owner.

Chainrai has become the fourth owner of Pompey this season after assuming control of the Premier League's bottom club from Ali Al Faraj.

The Hong Kong businessman is not expected to own the club for the long term, but is eager to bring about some short-term stability at Fratton Park.

In a statement released by the club, an application to adjourn next week's winding-up order will be made in the hope of giving Chainrai time to find new owners.

Chainrai has also confirmed that Peter Storrie will remain as Pompey's chief executive following the latest change in ownership on the South Coast.

Stabilise

The statement read: "Balram Chainrai, has exercised a clause in the security arrangement with Falcondrone Ltd to take a controlling interest in Portsmouth Football Club.

"Mr Chainrai wishes to stabilise the club's situation until new owners for the club are found.

"The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm as part of the original draw down of the loan, depositing with Mr Chainrai the original share certificate and a signed but undated share transfer in favour of Mr Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement.

"Peter Storrie continues as the chief executive officer of the club and continues to run the club. Meanwhile new owners are being found for the long-term future of the club.

"The club will now apply to HMRC to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found.

"New directors will be appointed to the board and Daniel Azougy will no longer be involved with any part of the club.

"The importance and priority is to stabilise the business and give the players, staff and fans of Portsmouth FC confidence that the club will go forward."

It was reported earlier in the week that Portsmouth failed to meet a deadline to repay £9million owed to Sacha Gaydamak, but the former owner of the club is hopeful the latest developments could mean a brighter future for the South Coast outfit.

Gaydamak told Sky Sports News: "I am optimistic about these developments and join with all true supporters of Portsmouth FC in looking forward to seeing what the new owners can propose in order to create a sustainable future for the club."