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Chainrai set to regain Pompey control

06 Aug 2010 14:00:49

Chainrai set to regain Pompey control

Balram Chainrai will be able take over Portsmouth for nothing if he guarantees to pay £16-20million 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.Chainrai needs only to guarantee 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.Portsmouth's administrator Andrew Andronikou told Press Association Sport: "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."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."


PA

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