Chainrai returns to UK to sort out club’s future
103686_POMPEY_DONCASTER_13/11/10 Balram Chainrai (centre) Portsmouth V Doncaster Rovers at Fratton Park, Portsmouth. Picture: Allan Hutchings (103686-2)
HONG Kong businessman Balram Chainrai, the former Pompey owner, is now in the UK sorting out the club’s future.
He revealed at the weekend he would be flying in to personally take part in talks about the survival of Portsmouth FC.
Yesterday the administrator of Pompey’s parent company Convers Sports Initiatives, Andrew Andonikou from accountancy firm UHY Hacker Young, said that the businessman has returned to the UK.
Mr Chainrai owned Pompey with Israeli Levi Kushnir through their Portpin company after they took over from Ali al-Faraj at the start of 2010.
He again took ownership after the club exited administration in October 2010.
He sold it to CSI, who owed him £17m, and when they defaulted on a payment he placed a charge on Fratton Park so he would be given priority over other creditors when trying to get his money back.
Mr Chainrai told the South China Morning Post he and Mr Kushnir had covered the unpaid January salaries, but the club later confirmed these still remain unpaid.
He told the publication: ‘I still have a debenture over the club as security on the club’s full assets, so one way or another I’m going to get my money back.
‘But I don’t want to see the club liquidated. Anything I can do to help Portsmouth I will.’
Mr Andronikou confirmed Mr Chainrai is in the UK but said: ‘I don’t know why he’s here and will ask him when he turns up in London.’
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Comments
There are 22 comments to this article
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BC we Trust pardon the pun
Saturday, February 11, 2012 at 01:46 AMWe should bottle MA tonic up! Fixtures will be completed confirms no admin, and the club has been quoted on radio not sure who or when pray tell, that the club denies admin etc. I not for one minute believe there is any business sense going admin from BC perspective over 2-3mill of bills or possibly 4-5mill needed to see the season out. No way, plan B, I still see the Trust Scott Mach barking on saying they look forward to meeting read their comments below in blue Graham, their heads up somewhere the sun don’t shine, the council and Trust have a role to play in securing the future of PFC, I am just wondering what is it they either can do to help secure the future of PFC, baffles me with no cash both potless......its like they just want to look good, talk the talk but not walk it, weird to me, sure the Trust fellas sincere. I never understood why the Trust and or a new owner hasn’t met with the council the explore and secure their support to how the ground can be spun 90 degrees, SG land snapped up and stadium enhanced with 12 storey luxury apartments condo’s facing Southsea! Anyway rant over. But I am not sure DL has been censored, wouldn’t come as a surpise if gardening leave to me, but I think this is more of DL, doesn’t spin, doesn’t make comments of what may or may not be only what will be and is happening and until he has resolved the wages bank and delayed and or interim payment re HMRC I don’t expect much from him, or anything, just more of the same. His job is to keep us in the CC at all costs, and see if MA can get us play offs etc, and AA job is to secure PFC such that the asset is worth something as a CSI asset that can reap some reward for the admin of CSI etc, he doesn’t care about the BC part really, he just cares about getting 3-4 mill for the club so that 3-4mill goes into the CSI pot for creditors etc that’s his role as I see it, I think? Am sure AA seeing the Trust because of the article I sent him and he replied, he could do a little background PR and explain to the Trust in confidence a few things, no harm, bits will drip out, but really AA won’t want all this in the NEWS for now. I agree with u (Devon), and during this week it all will unfold, it must because we have Ipswich at home before HMRC and Leeds at home after HMRC both must wins and I like to think a draw at Bpool or win is a real potential and I want us to batter Barnsley batter them. MA needs a little luck right now with Norris getting fit and Varney and Kitson and Moks too TBH he needs a break a little slice of luck, a fluke win at Blackpool and the FL chip in 2-4mill or something from chute and HMRC get some and back down and MA gets 2 loanies in and luck with injuries. Definitely all could should would agree that only a little luck has stopped us getting points or a point from Hammers Cardiff and Birmingham . TRUST SECURING THE FUTURE, WELL THAT NOT HELPING STAY IN THE CC COS THEY ARE POTLESS SAME AS COUNCIL, but they will stand around and mop up if we are in admin, is that securing the future? "The PST will attempt to persuade UHY and Mr Andronikou of our belief that the fans and the City Council are potentially two of the most important stakeholders in football club and both have a role to play in securing the future of PFC in these difficult times."
gaywave
Friday, February 10, 2012 at 12:47 PMWho is this Lampitt you talk of.
will_harrison
Friday, February 10, 2012 at 12:22 PMif you can see this sort out club out stop leaving us in the pan im getting sick off it
WhydoIsupportPompey
Friday, February 10, 2012 at 12:04 PM"I'm here to do what I can" says BC This is easy 1 pay the tax bill.
TaskForce
Friday, February 10, 2012 at 12:01 PMHarry. There's only a certain amount l can find out from my colleagues at UKBA and inflight food is'nt one of them......chicken tikka masala sounds good.
Harry Stotle
Friday, February 10, 2012 at 11:30 AM.......he had Chicken Tikka Masala on the way over and the in-flight movie was The King's Speech .......don't skimp on the important details, TaskForce.
julian123
Friday, February 10, 2012 at 11:27 AMOf course he does not want to liquidate the club he wants his money ! Still no sign of Mr Lampitt!!!!!
Marcus Leibhers half eaten Toblerone
Friday, February 10, 2012 at 11:24 AMSounds good, CEO gets to be all elusive and watch games for free....hang on Chairman gets a £17m denbenture ! this deal seems alittle one sided now
TaskForce
Friday, February 10, 2012 at 11:01 AMJust so you know AA BC arrived Wednesday on flight number CX257 (Cathay Pacific) from Hong Kong at terminal 3 Heathrow at 15.10
paul-philippines
Friday, February 10, 2012 at 10:58 AM@11 Hope & pray they are the winning No's. Then you can throw your hat in the ring, well thats if AA is still interested in finding a buyer. I see that our CEO is still AWOL.
Harry Stotle
Friday, February 10, 2012 at 10:57 AMCheers mate. You know you've got to do them now, don't you. If they came up you'll be kicking yourself otherwise. We'll have to share the jackpot and consider funding Plan B. I bags Chairman, you can be CEO.
Marcus Leibhers half eaten Toblerone
Friday, February 10, 2012 at 10:48 AMsorry Harry, here ar ethe numbers though : 23 44 7 31 11 25
wjd
Friday, February 10, 2012 at 10:29 AMHe is here to tell AA what to do and how he wants him to get his money back! Quite an unusual business relationship given that AA's job is to get all CSI's creditors the best return he can from all CSI assets. i.e. he should not be working for Chanrai specifically.
TaskForce
Friday, February 10, 2012 at 10:29 AMAA reporting on another thread (Local News) that pompey will fulfill its fixture list so maybe BC has paid the outstanding bills.
Marcus Leibhers half eaten Toblerone
Friday, February 10, 2012 at 10:26 AM"i dont know why he's here" AA you really are a complete T!T.
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