Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Massimo Cellino Leaves Leeds After Takeover

Wed 24th May 2017 | Clubs Ownership

Andrea Radrizzani has completed his takeover of Leeds United after purchasing Massimo Cellino’s 50% stake in the club. Radrizzani, who purchased 50% of the club in January, has acquired the...

EFL Approve Chinese Investment At Reading

Wed 17th May 2017 | Clubs Ownership

EFL approval granted as Chinese investors Dai Yongge and Dai Xiu Li take majority shareholding of club. Reading Football Club has confirmed Chinese brother and sister, Dai Yongge and Dai Xiu Li, have...

Hartlepool United Chairman Announces Resignation

Thu 4th May 2017 | Clubs Ownership

Hartlepool United’s Chairman, Gary Coxall has announced his resignation from the League Two club. The club faces relegation from the Football League for the first time in their history this...

Sam Rush Sacked By Derby County

Thu 4th May 2017 | Clubs Ownership

Sam Rush, President and Chief Executive Officer of Derby County has been sacked by the club it was announced yesterday. A brief statement released by the club read: “Derby County Football Club...