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The fourth owner at Portsmouth just this season has emerged as Balram Chainrai bought out a 90% share off of Ali al-Faraj. The latter had repeatedly failed to pay back the £17m loan given by Chainrai through a company he jointly owns with an Israeli businessman. So, after Sacha Gaydamak, Sulaiman al-Fahim and al-Faraj, Pompey are now under the direction of a businessman from Hong Kong. Supporters of the south coast side can only hope that their club will get the reversal of fortunes enjoyed this season by Birmingham City, another down and out club purchased by a businessman from Hong Kong.

In the meantime, without wading in too deep, there could be an issue with former owner number one, Gaydamak. He was allowing Portsmouth to delay his repayment in order to keep the club from slipping immediately into administration. With a new head of the organization it is completely plausible that Gaydamak will demand his £28m and go send the club into completely crisis. Or perhaps not. For anyone to get any of the money they foolishly dumped into Pompey, the club need to survive this season without going into administration or, if possible, from being relegated. At the very least they need to be financially viable enough for the FA to allow the next round of £7m television rights to make it into the club and pay everyone’s wages.

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3 thoughts on “And Another Owner for Portsmouth

  1. Either there are serious financial cover ups or all these guys were given their money bc they seem to have absolutely no business sense.

  2. It’s all loans from other companies and weird other arrangements. I’m sure each one of these guys thought that he could flip it around real quick and make some money from it. But clearly the troubles at Portsmouth date back further than this year. So old stuff keeps coming up that keeps the club from getting it’s television money (£7 each payment) and thus extending the cycle. Each guy that comes in owes the last guy money, etc. Total disaster. I kind of hope that Gaydamak just calls in his debts and puts the club under. They’re a joke and keeping other clubs from being in the Premier League who might be able to actually stay viable.

  3. Pingback: Premier League Round 25 – Tom’s Picks « mao's Football

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