Source: Telegraph
Balram Chainrai has "zero interest" in owning Portsmouth full-time
The Hong Kong-based businessman has technically become Pompey's fourth owner this season after his company, Portpin, took over the 90 per cent shareholding of previous owner Ali Al Faraj by exercising a clause in the agreement relating to a £17 million loan made in October that effectively staved off administration. [LNB]But the 51-year-old insists he is merely protecting the club's interests by removing Al Faraj after the south coast club's players saw their wages delayed four times this season. [LNB] Related ArticlesJames kisses £3m Portsmouth contract goodbyeManchester United v Portsmouth: match previewPortsmouth's four owners: profilesFootball financial meltdownPortsmouth gain owner number fourAvram Grant's brothel visitThe club also face a winding-up order from HMRC over a £7.5m VAT bill, for which a High Court hearing is due next Wednesday - which would also see Chainrai lose out on the repayment of his loan, reportedly secured against Al Faraj's 90 per cent shareholding, Fratton Park stadium and future TV revenue. [LNB]Quoted in the South China Morning Post, Chainrai said: "I have zero interest in buying Portsmouth and it's completely untrue that I am the new owner of the club. [LNB]"As far as I am concerned, I have just confiscated the shares of the previous owners. [LNB]"It's nothing to do with controlling the club. I don't know anything about running a football club. I just love the game and that's why I've taken this action. We have exercised our right to take control of the shares, and to remove the previous owners. [LNB]"It's all about protecting the club's interests. It's about finding someone who has the club's best interests at heart." [LNB]Mark Jacob, the British lawyer appointed to the Portsmouth board by Al Faraj, is contesting whether Portpin's takeover can go through - claiming that neither party has complied with the loan agreement. [LNB]Chainrai, though, is focused on eventually finding a suitable investor for the club and is confident of doing so. [LNB]"Believe me, someone will come in and buy this club," he added. [LNB]"This is Premier League football we are talking about. We are eagerly looking for an investor to come in and take over. [LNB]"I don't have a time frame to find a prospective buyer. I would like to have one here today if I could, but we'll just have to wait." [LNB]
