Portsmouth announce third owner of season
Portsmouth have now had three different owners this season - with a fourth seemingly on the way
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By Matt Hallam. |  |
Thursday, 04, Feb 2010 09:11
By inthenews.co.uk staff.
Financially troubled Premier League side Portsmouth have revealed they are under new ownership for the third time this season.
Hong Kong businessman Balram Chainrai, who already owned a shareholding in the club under the group name Portpin, has bought a controlling stake of 90 per cent from former owner Ali Al Faraj.
A Portsmouth spokesman said the deal was done after Mr Chainrai exercised a clause in his contract as a shareholder, which gave him the right to buy out a majority of the club in order to stabilise the current financial upheaval.
Portpin's control of the club is not expected to last for more than a few months.
"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 confirmed.
The news comes after further developments this week, with reports suggesting the players had not been paid on time again - at least the fourth time this season.
"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," the spokesman continued, referring to Pompey's scheduled court date next wek.
"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club."