Hong Kong businessman takes over at Fratton Park (From Daily Echo)
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Hong Kong businessman takes over at Fratton Park
8:21am Thursday 4th February 2010 in
-
- By Matt Smith » Politics and business reporter
BELEAGUERED Portsmouth Football Club today has a new owner - the fourth since the end of last season.
Hong Kong businessman Balram Chainrai has been confirmed as the fourth owner at troubled Fratton Park this season - subject to the Premier League's Fit and Proper Person's Test.
The surprise development came yesterday when Chainrai, 51, took control of Ali Al-Faraj's 90 per cent stake in the club.
It is understood the businessman's company Portpin has lent Portsmouth at least £17m to keep it afloat over the last year.
Pompey are currently bottom of the Premiership, six points from safety after losing 1-0 to Fulham last night.
Chainrai has acted now to try and protect the vast majority of his loans that he stands to lose next Wednesday, when their appeal against a HMRC winding-up petition will be heard.
The same day, they face the Inland Revenue in the High Court over a £7.5m tax bill - all this three days before their eagerly-awaited FA Cup fifth round trip against Saints at St Mary's.
Portsmouth have now had four owners since the season began – Gaydamak, Sulaiman Al Fahim, Al Faraj and now Chainrai.
The land has been the main issue for all the owners but Gaydamak still has a £28m 'charge' on it, which he will not release until he is paid.
He is still owed £9m from the latest round of instalments before Chainrai can take ownership of the land.
All this suggest that administration, a nine-point Premier League deduction and relegation seem ever more likely with Chainrai desperate for a quick sale himself.
A Pompey spokesman said: "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.
"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.
"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club."
Pompey have paid their monthly wages late four times this season and Storrie himself appeared before a crown court accused of tax evasion in January.
Comments(77)
costa gaz
says...
8:41am Thu 4 Feb 10
Chanria is a far eastern property developer with little or no interest in football.
costa gaz
says...
8:42am Thu 4 Feb 10
freemantlegirl2 wrote:I do.
Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....
Ozmosis
says...
8:43am Thu 4 Feb 10
costa gaz wrote:That would explain his apparent "interest" in seeing the club through the short term only.... if he doesn't see the cash, then will he fold the club himself and take the assets?
New owner, same problems. Chanrai does'nt want pompey, he wants his £20m back, a loan that was secured against pfc. Pompey could'nt pay him so he exorcised his right to take Al Faraj's 90% ownership of the club.
Chanria is a far eastern property developer with little or no interest in football.
freemantlegirl2
says...
8:46am Thu 4 Feb 10
costa gaz wrote:Then there'd be no Derby would there, and no-one for you to have banter with!
freemantlegirl2 wrote:I do.
Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....
I didn't realise that Costa Gaz, you're right it says 'took control of'.... so may not be the magic answer after all ...
costa gaz
says...
8:49am Thu 4 Feb 10
I wonder if he runs a chain of brothels as well
franiow
says...
8:53am Thu 4 Feb 10
Ozmosis
says...
8:55am Thu 4 Feb 10
(s/w = fish-make, lol!)
Big Mac
says...
8:55am Thu 4 Feb 10
Soup in the basket anyone?
franiow
says...
8:57am Thu 4 Feb 10
franiow wrote:This was a very mild word...the asterisks make me look like a fish-wife, but at least you get my point.
****
Lone Ranger
says...
8:58am Thu 4 Feb 10
chapellady
says...
8:58am Thu 4 Feb 10
grahamflew
says...
8:59am Thu 4 Feb 10
s w with save
zoom-in
says...
9:01am Thu 4 Feb 10
Big Mac
says...
9:02am Thu 4 Feb 10
costa gaz
says...
9:03am Thu 4 Feb 10
"Chainrai has a charge on the property, not a charge on the club, so I would say that he is not the owner of the club, nor is he seeking to be."
For now, Chainrai's move is being bitterly opposed by current owner al-Faraj's consortium, which is desperately trying to repay back the loans. However, the consortium has been hampered by their failure to find new finance, or new investors, and the Premier League has withheld funds to Pompey in order to pay off other clubs.
The insider confessed that Portsmouth still fear a winding-up order from HMRC on Wednesday."
The plot thickens.
(sw=boat-fish, stop it you funsters at the echo)
Hercules Grytpype-Thynne
says...
9:11am Thu 4 Feb 10
How do you get rid of a football club that is sucking in your money at a destructive rate and is destroying your reputation?
You borrow money from an unsuspecting innocent, someone who thinks everything is OK with the club on the promise that if the debt is not paid he can have the club.
Remember no one else wants to buy this poison chalice anyway.
Default on the debt and you can ride of into the horizon leaving the now new owner having to constantly dig deep into his pockets to fund this flawed club.
PFC has had more owners than a second hand old banger and is about as useful and reliable. Crikey they have had more owners in the last couple of years than we had managers under our last regime.
I would not lend the people running the club the small change in my pocket.
My View from the Hill
says...
9:12am Thu 4 Feb 10
franiow
says...
9:13am Thu 4 Feb 10
stickymcglue
says...
9:13am Thu 4 Feb 10
ludachris
says...
9:20am Thu 4 Feb 10
When the club goes bust he can keep the ground and develop.
I love this guy.
Bye Bye Pompey
costa gaz
says...
9:23am Thu 4 Feb 10
and it goes on......
franiow
says...
9:26am Thu 4 Feb 10
ludachris wrote:Local council have already said they won't give permission for development of Fratton Park...the area has been set aside for entertainment purposes...that'll make a change.
Good move by this guy, loan money, fail to get money back, seize control of the ground not the club. When the club goes bust he can keep the ground and develop. I love this guy. Bye Bye Pompey
colinpickford1
says...
9:34am Thu 4 Feb 10
My View from the Hill
says...
9:40am Thu 4 Feb 10
From the ticket office goes past the Northam stand to Kingsland stand just by the bar.
Thank God I got a season ticket.
Reality-man
says...
9:45am Thu 4 Feb 10
Reality-man
says...
9:46am Thu 4 Feb 10
Reality-man
says...
9:47am Thu 4 Feb 10
News Fanatic
says...
9:50am Thu 4 Feb 10
My View from the Hill
says...
10:04am Thu 4 Feb 10
Oh well they have managed to find another skint owner.
What's the betting this bloke has links to Tesco or Sainsbury, mind in I don't suppose they would be interested in building a superstore on the site, maybe Lidl or Netto, those shop's seem to popular with Pikey's
deadly666
says...
10:10am Thu 4 Feb 10
the new owner owes himself £17m......that says it all really!!!!
i doubt he'l put anymore money into the club, all he wants to do is look after his 'investment' and make sure he gets his money back.
how much longer can the fa/premier league allow this farce to continue?
i take it hes passed the 'fit and proper persons' test?
My View from the Hill
says...
10:18am Thu 4 Feb 10
deadly666 wrote:He will try and asset strip, if they any
so in a nutshell.....
the new owner owes himself £17m......that says it all really!!!!
i doubt he'l put anymore money into the club, all he wants to do is look after his 'investment' and make sure he gets his money back.
how much longer can the fa/premier league allow this farce to continue?
i take it hes passed the 'fit and proper persons' test?
Reality-man
says...
10:18am Thu 4 Feb 10
Reality-man
says...
10:20am Thu 4 Feb 10
deadly666 wrote:lol, do you reckon he sends himself demands for the money and leaves messages on his own mobile asking where his money is?
so in a nutshell..... the new owner owes himself £17m......that says it all really!!!! i doubt he'l put anymore money into the club, all he wants to do is look after his 'investment' and make sure he gets his money back. how much longer can the fa/premier league allow this farce to continue? i take it hes passed the 'fit and proper persons' test?
Retreat to Gandamack
says...
10:38am Thu 4 Feb 10
franiow wrote:How about a bowling alley?
ludachris wrote:Local council have already said they won't give permission for development of Fratton Park...the area has been set aside for entertainment purposes...that'll make a change.
Good move by this guy, loan money, fail to get money back, seize control of the ground not the club. When the club goes bust he can keep the ground and develop. I love this guy. Bye Bye Pompey
franiow
says...
10:47am Thu 4 Feb 10
Reality-man wrote:avram just wanted to disprove that pompey couldn't score in a brothel
Headline in todays Sun 'Avram Grant unveiled as manager who visited brothel'. Headline on the Portsmouth News site 'Frustrated grant Rues poor finishing'. lmao
Was 8 in 76
says...
10:49am Thu 4 Feb 10
stickymcglue wrote:Thats exactly what will happen the vultures will wait till it all goes tits up and they will get bought for 99p. No ones gonna buy em cus they got no assets crap ground no training facilites no pie van etc etc
the best thing for pompey is to go into administration , and then be purchased at rock bottom by a genuine owner... now where has that happened recently ??
Derek of Dibden Purlieu
says...
10:50am Thu 4 Feb 10
King Mush
says...
10:54am Thu 4 Feb 10
Derek of Dibden Purlieu wrote:lol I'm sure that JohnTerry is a major shareholder?
Will the new owner enjoy 'mates rates' at the Horton Heath brothel that members of the club seem to frequent. Only one named so far I understand.
Shaving your pubes is so 2010
says...
11:14am Thu 4 Feb 10
AAH
My View from the Hill
says...
12:14pm Thu 4 Feb 10
ludachris wrote:FMG2 I agree with most things you say on this thread, however this time I can't help disagreeing with you.
Shaving your pubes is so 2010 wrote:Good lad hope they **** right off.
freemantlegirl2 wrote: Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....Why are saints fans on here so bloody sentimental to them dirty gypos!?We hate them,they hate us.they showed us zero compassion.I want then to suffer and suffer bad.Im talking go bust and have to start over in the conference.and if that means no derby games the boo hoo.who cares?down with the skates
Can't wait to see the stupid blue muppets crying on South today.
Bunch of smug wannabe cockney deluded pikies.
UP THEIR AR$E is what i say.
Dirty old Avram eh..
They are Skates, they deserve whatever becomes of them, personally I want them gone, if by some miracle they survive I for one will be gutted.
Us Saints fans took so much s*it from those fish smelling, loud mouth, wannabe a cockney's trailer pulling pikey's, on this site not so long ago, when we went into administration, it's a joy to see and read about their downfall.
I can't wait to see Fred Dineage weeping on the tele or that creature Westwood crying outside the High Court.
I think the taxman should be commended for their sterling work, looking after the nation's revenue by enforcing Poorpey to pay what they owe.
I'm surprised Avram could afford to go to a brothel, mind you it put a whole new meaning to words Grant Funded.
colinpickford1
says...
12:15pm Thu 4 Feb 10
Shaving your pubes is so 2010 wrote:Such passion, such poetry. And all for the love of watching 22 grown men chase a bag of air around a field.
Ha ha ha the look on all those cacker germ ridden gypsey plastic cockney looking face when they go "dannn" will be pricesless.Fu8k por***outh and all they stand for.POMPEYS GOIN DOWN WITH NO MONEY IN THE BANK NO MONEY IN THE BANK NO MONEY IN THE BANK......THEY GOIN THEY GOIN DOWN THEY GOIN DOWWWWWWWNNN THEY GOIN DOWN.HAHAHAHAHAHAHAH
AAH
fred the red
says...
12:16pm Thu 4 Feb 10
However, I am not sure that this surety has as much value as he thinks. Furthermore he has saddled himself with the problem of finding another mug to buy the club.
If HMRC had pulled the plug he would have lost a lot...but i see this as a stay of execution rather than a lifeline.
fred the red
says...
12:19pm Thu 4 Feb 10
Meanwhile, Portsmouth are due in court to appeal against the petition from HM Revenue & Customs over an unpaid tax bill.
Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."
This is absolute tosh. HMRC should be looking after tax payers not helping out criminals who do not pay their dues.
Costa Baz
says...
12:23pm Thu 4 Feb 10
They had enough chances at Man City to earn 1 or even 3 points, and it seems the game at Fulham was the same.
Despite their poor finishing, they are still only 6 points away from safety, with the teams in 14th or 15th being just 7 points clear.
They were written off when 'arry went back to them and their whole season changed with an injury time goal from 25 yards, giving them the confidence to step up a gear.
I hope it doesn't happen again, but it is still too early to write them off, something we need to keep in mind for the cup game.
They will be looking at that game as a way of uniting the team, as a fighting unit, and the fans.
franiow
says...
12:27pm Thu 4 Feb 10
St Retford
says...
12:39pm Thu 4 Feb 10
Saintade
says...
12:54pm Thu 4 Feb 10
Shaving your pubes is so 2010
says...
1:00pm Thu 4 Feb 10
My View from the Hill wrote:haha.if anything this takeover makes it worse.this guy just wants his money back then he is out.who the hell is going to want to buy a club around 60 million quid in debt,bottom of the PL small rickkety stadium,rubbish fanbase(15,000 at home in the PL is rubbish in my eyes)when there are clubs like newcastle who would be a better buy for a loaded businessman.just a thought.
ludachris wrote:FMG2 I agree with most things you say on this thread, however this time I can't help disagreeing with you. They are Skates, they deserve whatever becomes of them, personally I want them gone, if by some miracle they survive I for one will be gutted. Us Saints fans took so much s*it from those fish smelling, loud mouth, wannabe a cockney's trailer pulling pikey's, on this site not so long ago, when we went into administration, it's a joy to see and read about their downfall. I can't wait to see Fred Dineage weeping on the tele or that creature Westwood crying outside the High Court. I think the taxman should be commended for their sterling work, looking after the nation's revenue by enforcing Poorpey to pay what they owe. I'm surprised Avram could afford to go to a brothel, mind you it put a whole new meaning to words Grant Funded.Shaving your pubes is so 2010 wrote:Good lad hope they **** right off. Can't wait to see the stupid blue muppets crying on South today. Bunch of smug wannabe cockney deluded pikies. UP THEIR AR$E is what i say. Dirty old Avram eh..freemantlegirl2 wrote: Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....Why are saints fans on here so bloody sentimental to them dirty gypos!?We hate them,they hate us.they showed us zero compassion.I want then to suffer and suffer bad.Im talking go bust and have to start over in the conference.and if that means no derby games the boo hoo.who cares?down with the skates
SomersetSaint
says...
1:29pm Thu 4 Feb 10
Reality-man wrote:I wonder if Grant gets 90 days credit at the brothel, due to him not being paid on time? Thinking about it, P*mpey were probably after a lottery grant but got Avram instead after a misunderstanding by their foreign owners!!
Headline in todays Sun 'Avram Grant unveiled as manager who visited brothel'. Headline on the Portsmouth News site 'Frustrated grant Rues poor finishing'. lmao
eeyoresowl
says...
2:05pm Thu 4 Feb 10
Costa Baz wrote:This is true ... a few wins would see them in an entirely different place on the table! I have to disagree with those who say PFC fans "had no sympathy" for us when we were down ... I remember a few posts from fans saying what a shame it would be for the rivalry to end with SFCs demise ... just because some Portsmouth fans are B****rds doesn't mean we should be ... after all, there is a difference between Saints fans and Portsmouth fans, isn't there? Or are we all just hateful, bigoted idiots wearing different colors? I would love to see PFC get what it deserves & drop to the Championship just as we win promotion from L1 ... then let the rivalty continue in force next season!
To be clear I AM A SAINTS SUPPORTER BUT, just to be controversial, I'm not sure Pompey will go down, without a -9 penalty.
They had enough chances at Man City to earn 1 or even 3 points, and it seems the game at Fulham was the same.
Despite their poor finishing, they are still only 6 points away from safety, with the teams in 14th or 15th being just 7 points clear.
They were written off when 'arry went back to them and their whole season changed with an injury time goal from 25 yards, giving them the confidence to step up a gear.
I hope it doesn't happen again, but it is still too early to write them off, something we need to keep in mind for the cup game.
They will be looking at that game as a way of uniting the team, as a fighting unit, and the fans.
7saint7
says...
2:11pm Thu 4 Feb 10
costa gaz wrote:me to.
freemantlegirl2 wrote:I do.
Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....
angelsaint
says...
2:14pm Thu 4 Feb 10
E-m271
says...
2:26pm Thu 4 Feb 10
St.DaveH
says...
2:46pm Thu 4 Feb 10
News Fanatic
says...
3:22pm Thu 4 Feb 10
H0ckeyd
says...
3:34pm Thu 4 Feb 10
truelysaints
says...
3:43pm Thu 4 Feb 10
Ozmosis wrote:Property developer and flat building go hand in hand. Watch this space
costa gaz wrote: New owner, same problems. Chanrai does'nt want pompey, he wants his £20m back, a loan that was secured against pfc. Pompey could'nt pay him so he exorcised his right to take Al Faraj's 90% ownership of the club. Chanria is a far eastern property developer with little or no interest in football.That would explain his apparent "interest" in seeing the club through the short term only.... if he doesn't see the cash, then will he fold the club himself and take the assets?
KCAJRETSOF
says...
4:07pm Thu 4 Feb 10
Saintade wrote:Premier League fit and proper person test obviously consists of only 2 requirements. To have a pulse and be breathing!
I'm wondering how useful the Premier league's 'fit and proper person' criteria is. Obviously the last three owners were not 'fit and proper', neither were Storey or Redknapp (allegedly). So why should this guy be any different? They are just putting off the inevitable. Watch this space next week.
Chainrai will have a big problem selling if Pompey go down or look certain to. Fatty at Newcastle could'nt get a decent price for a championship club and they are certainly a much more attractive package than Portsmouth ever could be!
My View from the Hill
says...
4:09pm Thu 4 Feb 10
angelsaint wrote:The creature Westwood surrounds himself with people who are seeking 2 seconds on TV, like him they are detested by the Skate fans, they find slightly less repulsive than I do.
I had the unfortunate experience to walk past a pub full of Pompey fans last night before the Fulham v Pompey game. Of course that idiot Westwood or whatever his name is was there. All they were repeatedly singing about was how they're going to kill the scummers and smash up St Mary's......
I don't think they will smash anything, apart from the record of the longest team to keep their staff waiting the be paid or the hope owners I one season.
The new bloke want to sell already, he wants the HRMC to adjourn their hearing next week.
Basically he has called in his loan, before selling it.
gillyman
says...
4:12pm Thu 4 Feb 10
My View from the Hill
says...
4:16pm Thu 4 Feb 10
He is not bothered about the Skates, he wants his pound of flesh, before the others get theirs, Gaydamark wants his cash too, nothing has changed apart from one of the their major creditors now runs the club, I can't see the new bloke leaving before getting his cash, any which way he can.
franiow
says...
4:26pm Thu 4 Feb 10
baume
says...
4:31pm Thu 4 Feb 10
7saint7 wrote:well i bet they wont think the same if that was us going down the swanny
costa gaz wrote:me to.freemantlegirl2 wrote: Well even if I'm a Saints fan, don't want to see them go down the pan - saved in the nick of time perhaps....I do.
My View from the Hill
says...
4:47pm Thu 4 Feb 10
Some saviour that is, the circus rumbles on and on and on, lets all together now:-
There is a circus in the town, in the town,
And Avram Grant is the clown, is the clown,
The tax man wants his money for the crown, for the crown
The Skates are still going down, going down.
It's so good to be a Saints fan.
COYR
My View from the Hill
says...
4:50pm Thu 4 Feb 10
So the Skates have been saved by a bloke who is owed £17 million by them, he won't invest any money, he has just asked the tax man to adjourn their winding up order, he has not passed the league's fit and proper test.
Some saviour that is, the circus rumbles on and on and on, lets all sing together now:-
There is a circus in the town, in the town,
And Avram Grant is the clown, is the clown,
The tax man wants his money for the crown,
The Skates are still going down, going down.
It's so good to be a Saints fan.
COYR
Sunny Saint
says...
5:43pm Thu 4 Feb 10
It just gets better.
JP
costa gaz
says...
6:42pm Thu 4 Feb 10
No_Fuss
says...
8:46pm Thu 4 Feb 10
slugger
says...
9:32pm Thu 4 Feb 10
costa gaz wrote:quality !
Apparently lots of pompey fans attend fratton park dressed up as empty seats.
Costa Baz
says...
10:34pm Thu 4 Feb 10
gillyman wrote:One major difference.
it seems like pompey football club and a southamton taxi licence have a lot in common as regards ownership
The taxi licence can be sold for a profit!!!!!
Costa Baz
says...
10:36pm Thu 4 Feb 10
Costa Baz wrote:Two more differences.
gillyman wrote: it seems like pompey football club and a southamton taxi licence have a lot in common as regards ownershipOne major difference. The taxi licence can be sold for a profit!!!!!
People actually WANT the taxi licence and the taxi licence is worth having.
Shaving your pubes is so 2010
says...
11:12pm Thu 4 Feb 10
That poor prozzie.
I wonder if she's been paid yet?
Uncle Chuffnuts
says...
12:32am Fri 5 Feb 10
frenchvic
says...
8:19am Fri 5 Feb 10
costa gaz wrote:I like that one.
Apparently lots of pompey fans attend fratton park dressed up as empty seats.
techsture
says...
1:53pm Fri 5 Feb 10
Shaving your pubes is so 2010 wrote:hahahahahahaa
I see Avram Grant's been named as the Premiership Manager caught visiting a Thai Brothel. That poor prozzie. I wonder if she's been paid yet?
Awesome.
Rocket 1
says...
4:47pm Fri 5 Feb 10
techsture wrote:The Chinese guy that has took over wants his Sons to play for Poopey, they are called WeWan Wonce & HawLong Cince.
Shaving your pubes is so 2010 wrote: I see Avram Grant's been named as the Premiership Manager caught visiting a Thai Brothel. That poor prozzie. I wonder if she's been paid yet?hahahahahahaa Awesome.
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freemantlegirl2 says...
8:39am Thu 4 Feb 10