Shape Of You Ed Sheeran
Confused by the Pompey saga...? We've got all the answers.
Portsmouth's turbulent season continued in the High Court where they had their winding-up petition over an unpaid tax bill adjourned for seven days.
It follows the club changing owners last week when Balram Chainrai took charge
WHAT DOES THE LATEST CHANGE OF OWNERSHIP MEAN FOR THE CLUB?
Fans may have been hoping a Roman Abramovich type could come along but Chainrai is not that man. Their fourth owner in less than a year has already said he has zero interest in running the financially-stricken outfit long term and wants to sell on.
SO WHY HAS HE TAKEN OVER?
Chainrai, a Hong Kong-based businessman with British citizenship, has seized a 90% holding in Pompey from previous owner Ali Al Faraj after exercising a clause in a contract relating to a £17million loan to the club from his company Portpin. Pompey have continually defaulted on the loan repayments and he has acted to protect his investment, out of fear the club could go into administration. That scenario could have left him with only a fraction of the money he lent.
WHO IS CHAINRAI?
A multi-millionaire Nepalese-born businessman who made his fortune in property, consumer electronics and telecommunications.
HOW DOES HE INTEND TO STABILISE THE CLUB?
His first task was to put off today's winding-up hearing in the High Court brought by HM Customs and Revenue. It went ahead though and HMRC claimed they are owed more than £11million by the club. A figure of £7.4million of VAT is included in the winding-up petition, which Portsmouth are disputing. The HMRC petition has since been joined by Grosvenor, a company owned by the Duke of Westminster, relating to rent for a shop. Chainrai has also given his backing to chief executive Peter Storrie and manager Avram Grant, both of whom felt undermined recently.
WHAT IS THE CLUB'S OVERALL PICTURE?
Debts at Pompey are widely reported to be £60million. The club have failed to pay their players' wages on time four times this season. The Premier League recently withheld £2million of transfer payments and a £7million slice of TV
revenue to divert to clubs owed money for previous transfer deals. Former owner Alexandre Gaydamak claims to be owed £28million and ex-defender Sol Campbell is suing for £1.7million. On the field the team are in a sorry state, five points
adrift at the foot of the Barclays Premier League.
WHAT HAPPENED AT WEDNESDAY'S HEARING?
Portsmouth threat of being wound up was adjourned for seven days. The High Court's Mrs Registrar Derrett admitted she was "very concerned about the financial situation of this company'' but granted a seven-day injunction
following which the club must produce a statement of affairs to the HMRC to detail their exact financial position. That statement request was made after the HMRC claimed Portsmouth was insolvent and that it owed them more than
£11million. That cast a shadow over the club's future although Portsmouth claimed they had received two "serious'' offers to buy the club to extricate them from their financial predicament.
WHAT HAPPENS NOW?
Business advisory group Vantis will fulfil Portsmouth's first obligation to submit the statement of affairs by February 17. The parties are, however, not due to re-appear in the High Court until February 19 at the earliest and in the
interim period Portsmouth will try to formalise a deal with a buyer. Should they find a buyer willing to pay off their debt, the club will stave off the
winding-up order petition. Should they fail, the future of the club will be in the hands of the High Court.