Portsmouth have a fourth owner within six months after a takeover by Balram Chainrai, a Hong Kong businessman, was confirmed yesterday - and the club could have a fifth before the season is out.
Portpin, Chainrai's company, have taken a controlling interest in the club from Ali al Faraj, the former owner, after exercising a clause in their agreement over a £17million (Dh99.5m) loan made to the Saudi.
However, Chainrai's aim is merely to stabilise the club before selling it on to new owners in order to recoup his investment.
A Portsmouth 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 [Her Majesty's Revenue and Customs] 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."
Chainrai's move came after al Faraj, who had been the most elusive of football club owners and had not even attended a match since his takeover in October, missed several deadlines on repaying the loans that had been made to keep the club going.
The takeover also means the end of the involvement of Daniel Azougy, the controversial Israeli lawyer convicted of fraud in his home country, who has been working as a financial advisor for al Faraj.
Chainrai's loans were secured against al Faraj's 90 per cent shareholding, Fratton Park stadium and future TV revenue.
Chainrai told the Portsmouth Evening News: "Portpin has made substantial loans to Portsmouth to try and ensure the club's future. Portpin will continue to work for the best interests of the club."
The first aim of the new owner is to tackle the winding-up petition from HMRC over a £7.5m VAT (Value added tax) bill - a High Court hearing is due next Wednesday - to avoid the club going into administration.
Portpin is owned by Chainrai, a 51-year-old Hong Kong-based businessman of Nepalese extraction who has a British passport, and Levi Kushnir, an Israeli business partner. They were part of the consortium put together by Storrie in August which tried to buy the club.
It is the latest twist in a season of upheaval for Portsmouth, who saw Sacha Gaydamak sell the club in August to Sulaiman al Fahim, the Dubai-based property developer.
Gaydamak says he is still owed £28million by Portsmouth. The financial problems that
began to surface in the summer became acute in early October with a delay in players' wages being paid, followed by al Fahim selling a 90 per cent stake to Falcondrone, a British Virgin Islands-based company owned by al Faraj.
That takeover failed to bring any financial stability to Pompey, whose fans will be desperately hoping that the latest move does.
* PA Sport
* AP
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Company%20Profile
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
COMPANY%20PROFILE
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Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
COMPANY%20PROFILE
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5