Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

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

Portsmouth could have new owner for the 5th time

Mon 8th Feb 2010 | Clubs Ownership

Portsmouth Football Club could be welcoming their fifth owner of a turbulent season.

Executive director Mark Jacob revealed that "two or three groups" have approached the board with the aim of taking over the Premier League's bottom club.

But Jacob admitted Pompey would need to take "every due care" to ensure the proposed owners really do have the funds necessary.

Hong Kong businessman Balram Chainrai seized control last week when he acquired Ali Al Faraj's 90per cent stake in the club.

"He was providing short-term funding for the club and that has been converted into equity.

"He is technically the new owner, all subject to the Premier League's fit and proper person test.

"It is a short-term, interim measure where he is taking control pending new investment or a potential new owner. He's come in to stabilise it on a short-term basis."

Jacob said Chainrai would be coming to London next week and was due to attend a meeting with Premier League chief executive Richard Scudamore.

But Chainrai's involvement could be fleeting.

"There are potentially two or three groups who have approached the board and Mr Chainrai with regard to the possibility of taking over.

"They are from different parts of the globe and some even more locally.

"It's got to the stage where the board will have to take every due care and consideration into the people who do come to the table with regard to proof of funds. We can't have any more short-termism at the club.

"There has been a lot of turmoil and everything has come to a head over the last week or so.

"It's quite delicate at the moment but we are confident a group will be in place very soon to move things forward to allow Mr Chainrai to step aside."

Portsmouth face a winding up petition on Wednesday but an appeal has been lodged and Jacob is confident it will prove successful.

He said: "The club has to be bigger than any individual. Bigger than myself, the board and any owner. We have to ensure it survives.

"I'm confident the club will not go into administration and I urge Portsmouth supporters to keep the faith. We've been down this road before and survived."

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

Related Articles

Chinese company 5USport buy stake in Northampton Town

Mon 26th Jun 2017 | Clubs Ownership

Northampton Town Football Club have announced a new partnership with 5USport, a Sports Development and Education Company based in Guangzhou, China. As part of this partnership and following approval...

Leyton Orient purchased by business consortium headed by Nigel Travis, a life-long fan of the club

Fri 23rd Jun 2017 | Clubs Ownership

Leyton Orient Football Club has announced that it has been purchased by a business consortium Eagle Investments 2017 Limited, headed by British-born Nigel Travis, 67, the Chairman and CEO of Dunkin'...

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...