Pompey owner to stabilise then sell
Portsmouth have a fourth owner within six months after a takeover by Hong Kong businessman Balram Chainrai was confirmed today, and the club could have a fifth before the season is out.
Chainrai's company Portpin have taken a controlling interest in the club from former owner Ali Al-Faraj, after exercising a clause in their agreement over a £17m loan made to the Saudi. However, Chainrai's aim is merely to stabilise the club, before selling it on to new owners in order to recoup his investment.
A Portsmouth spokesman told Press Association Sport: "Portpin have exercised a clause in their contractual agreement to take a controlling interest. They are taking control on a temporary basis to allow new owners to be found.
"Portpin's aim is to come in and stabilise the club, sort out the business with the winding up order from HMRC (Her Majesty's Revenue and Customs) and sell it on to new owners. New directors will be appointed to the board, and Peter Storrie will remain as chief executive and will be running the club."
Chainrai told the Portsmouth Evening News: "Portpin has made substantial loans to Portsmouth to try and ensure the club's future. Portpin will continue to work for the best interests of the club."
Portpin is owned by Chainrai, a 51-year-old Hong Kong-based businessman of Nepalese extraction who has a British passport, along with an Israeli business partner Levi Kushnir. They were part of the consortium, put together by Peter Storrie in August, that tried to buy the club.