Source: Telegraph
Portsmouth confirm new owner as Balram Chainrai seizes control from Ali Al Faraj
Chainrai has taken over the 90 per cent shareholding that was held by the club's previous owner, Ali Al Faraj, after becoming frustrated that the Fratton Park side had missed deadlines to repay him money he was owed from loans made to the club earlier in the season. [LNB]Chainrai had loaned around £17 million to Faraj to keep Portsmouth afloat through his company Portpin, secured against the club's future television revenue, Fratton Park itself and Faraj's stake. [LNB] Related ArticlesJames kisses £3m Portsmouth contract goodbyePortsmouth takeover: timelinePortsmouth's four owners: profilesPremier League to blame for Portsmouth debacleFulham 1 Portsmouth 0Sport on televisionBut Portsmouth have repeatedly failed to repay their debts to Chainrai, whose patience snapped on Wednesday. [LNB]After instructing his lawyers to act, Faraj's 90 per cent stake was frozen and transferred to Chainrai, who therefore becomes the club's fourth owner of a tumultuous campaign. [LNB]Sacha Gaydamak and Sulaiman al-Fahim have also been in control of the stricken south coast club at other points this season. [LNB]Chainrai has not commented directly on effectively taking charge at Portsmouth, but has moved to reassure their increasingly exasperated fans that the club have a viable future.[LNB]However, Chainrai's aim is merely to stabilise the club before selling it on to new owners in order to recoup his investment. [LNB]'Portpin have made substantial loans to Portsmouth to try and ensure the club's future,' he said. 'Portpin will continue to work for the best interests of the club.'[LNB]A Portsmouth spokesman said: "Portpin have exercised a clause in their contractual agreement to take a controlling interest. [LNB]"They are taking control on a temporary basis to allow new owners to be found. [LNB]"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. [LNB]"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club." [LNB]In another bizarre episode, the Premier League has told Portsmouth it will have no direct dealings with Daniel Azougy, who is working as a consultant with the club, and even asked the convicted fraudster to leave its offices prior to one meeting with club officials. [LNB]Telegraph Sport can also disclose that Azougy, an Israeli lawyer, was questioned by immigration officials when he entered the country at Heathrow Airport, though he was eventually granted leave to enter on a six-month business visa. [LNB]
