Portsmouth confirm FOURTH owner this season as Balram Chainrai seizes control at Fratton Park from Ali Al Faraj

By Sportsmail Reporter Updated: 11:30 EST, 4 February 2010


Portsmouth have a fourth owner of the season after a takeover by Hong Kong businessman Balram Chainrai was confirmed today - and the club could have a fifth before the year 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 £17million 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.  

Jonathan Greening scores for Fulham against Portsmouth

New owner, same problems: Investor Balram Chainrai (below, second from right) is seen in the stands during Portsmouth's match against Chelsea at Stamford Bridge on 16th December, 2009 but Pompey lost 1-0 at Fulham last night (above)

Investor Balram Chanrai (second from right) in the stands during Portsmouth's match at Stamford Bridge on 16th December 2009

A Portsmouth spokesman said: '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 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.'

Avram Grant

A real head-scratcher: Portsmouth manager Avram Grant faces more uncertainty at Fratton Park

Chainrai's move came after Al Faraj, who had been the most elusive of football club owners and had not even attended a match since his takeover in October, missed several deadlines on repaying the loans that had been made to keep the club going.  

The takeover also means the end of the involvement of Daniel Azougy, the controversial Israeli lawyer convicted of fraud in his home country, who has been working as a financial advisor for Al Faraj.  

A club spokesman added: 'Daniel Azougy will no longer be involved with the club.'

The takeover should also herald the end of the involvement of British property lawyer Mark Jacob, who was appointed as a club director by Al Faraj.

Chainrai's loans were secured against Al-Faraj's 90 per cent shareholding, Fratton Park stadium and future TV revenue. 

FRATTON PARK'S FAILING FINANCES

May 27, 2009: Portsmouth accept takeover bid from Sulaiman Al Fahim.

August 26: Al Fahim finally completes takeover.

October 1: Club admit failing to pay players' wages on time.

October 5: Al Fahim sells 90 per cent of his Portsmouth shares to Ali Al Faraj.

October 7: Avram Grant appointed director of football.

October 28: Premier League issue embargo on Portsmouth registering new players until they pay off debts to Chelsea and Arsenal.

November 24: Manager Paul Hart sacked.

November 26: Avram Grant announced next manager.

December 4: Club announce players have been paid.

December 10: Portsmouth insist they are not about to go into administration. They also reveal Her Majesty's Revenue and Customs had been paid £2m and 'other historical arrears are being dealt with on an ongoing basis'.

December 30: The club deny being formally served with a winding-up petition by HMRC.

December 31: For the third time this season, the players' salaries are not paid on time. The club say the December salaries will be paid on January 5 thanks to a short-term loan.

January 4, 2010: Non-playing staff are paid.

January 5: Player payments are again delayed

January 7: Portsmouth's players are paid their December wages.

January 14: The Premier League board confirm they will distribute broadcast fee payments directly to Portsmouth's football creditors, both domestic and overseas.

January 19: Portsmouth's application for the winding-up petition made against them by HMRC to be struck out is dismissed by a High Court judge.

January 20: The club confirm former player Sol Campbell is suing them for fees and bonuses owed.

January 28: Club confirm their official website had been shut down due to their failure to maintain payments.

February 3: Portsmouth pay January wages.

February 4: Hong Kong businessman Balram Chainrai takes controlling interest from Al-Faraj after exercising a clause in their agreement over a £17m loan.

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.'

The first aim of the new owner is to tackle the winding up petition from HMRC over a £7.5m VAT bill - a High Court hearing is due on Wednesday, February 10 but Pompey have applied for a delay - to avoid the club going into administration.  

Portpin is owned by Chainrai, a 51-year-old Hong Kong-based businessman of Nepalese extraction but with a British passport, along with an Israeli business partner Levi Kushnir.

They were part of the consortium put together by Storrie in August that tried to buy the club. 

It is the latest twist in a season of upheaval for Portsmouth, who saw Sacha Gaydamak sell the club in August to Sulaiman Al Fahim - Gaydamak says he is still owed £28m by Portsmouth.  

The financial problems that began to surface in the summer became acute in early October with a delay in players' wages being paid, followed by Al-Fahim selling a 90 per cent stake to Falcondrone, a British Virgin Islands-based company owned by Al-Faraj.   

That takeover failed to bring any financial stability to Pompey - whose fans will be desperately hoping that the latest move does.