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Portsmouth confirm new owner - again
Portsmouth, 09:24, February 4, 2010 ,
Portsmouth have confirmed they have a new owner yet again with the company owned by Balram Chainrai taking over the struggling club.
Chainrai has taken over the 90 per cent shareholding in Pompey that was held by former owner Ali Al-Faraj after the club continually defaulted on loan repayments.
It is thought the new development is another short-term deal designed to help the financially-stricken Premier League outfit pay off some debts and hopefully create a bit of stability until the summer in what has been a wretched season for the club, both on and off the pitch.
Hong Kong businessman Chanrai has reportedly already loaned at least £17million to Faraj in recent times to help keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates.
Despite confirmation of the new owner, boss Avram Grant is unlikely to be given any money to spend to strengthen his squad and the overall outlook at Fratton Park continues to look bleak unless a new, extremely wealthy consortium take charge.