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Portsmouth FC face being taken over for the 4th time in one season

Premier League crisis-club Portsmouth have announced that they have officially been taken over by their fourth owner of the season in a bid to secure their financial future.

Hong Kong-based businessman Balram Chainrai has now purchased 90% of the south-coast club’s shares from former Pompey owner Ali Al Faraj after invoking a repayment clause in the latter’s purchase agreement, it is understood.

However, Chainrai’s investment company, Portpin, are believed to have no intentions to control the club in the long-term and are thought to have merely come in to avert the current financial crisis that has seen Portsmouth repeatedly fail to pay players.

“Portpin have exercised a clause in their contractual agreement to take a controlling interest,” said a Portsmouth FC spokesperson. “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 and sort out the business with the winding-up order from HMRC”.

Chainrai’s involvement with the club will see a new board of directors ushered in to help resolve the situation, however, Portsmouth have confirmed that chief executive Peter Storrie will continue in his role of running the business off the field as the team – currently rock-bottom in the league – battle against relegation on it.