Chainrai set to regain Pompey control

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Balram Chainrai will be able take over Portsmouth for nothing if he guarantees to pay £16-20 million to creditors over the next five years, the club's administrator has revealed.

The Hong Kong businessman is in the driving seat to take control of the club for the second time this year after Pompey won a High Court case against the taxman.

Portsmouth's administrator Andrew Andronikou said: "In the absence of anyone else coming in we hope the sale of the club will go through within the next couple of weeks.

"We have to go through the rigmarole with the Football League such as their 'fit and proper person test' but we should have everything buttoned up soon."

Chainrai needs only to guarantee that he will fund the debt payments - which on a 20p in the pound basis equate to between £16million and £20million - and he should become the owner subject to ratification by the Football League.

He will then be able to try to recoup the £17million debt he is owed by the club - any rival consortiums would have to pay that sum too if they want to take over.

Andronikou added: "Because Mr Chainrai is a secured creditor there may not be a straight fee to buy the club but there will be a financial obligation - as the purchaser he will pay over five years a minimum dividend of 20p in the pound, between £16million and 20million.

"If anyone else wants to come in, they have to pay him off as well which would come to around £35million."

Andronikou said he hoped the majority of Pompey fans would be happy with that outcome but recognised there would be some dissenting voices.

He added: "When you are working with 25,000 people you have to strive to achieve a general result to benefit the majority. There may be discerning people who do not want Mr Chainrai there for lots of different reasons.

"When we took over the assignment we made a commitment to save the club and maximise the position of creditors, we are well on the way and it has been a 24/7 job and still going on. We are getting remunerated for it but we also have a passion for the job and we will get the right result."

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