Football

Pompey welcome fourth owner

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Portsmouth have a fourth owner of the season after a takeover by Hong Kong businessman Balram Chainrai was confirmed - 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.

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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."

The spokesman added: "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."

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.

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Topics:
Portsmouth
Football
Premier League

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