Nepalese-origin businessman buys Portsmouth

London :

Portsmouth are now under the control of Hong Kong businessman Balram Chainrai of Nepalese-origin, the struggling Premier League club's fourth owner this season, it emerged on Thursday.

A spokesman for the club confirmed that Chainrai's company Portpin have taken a controlling interest in the financially-stricken club from former owner Ali Al-Faraj after exercising provisions linked to a 17-million-pound loan made to the Saudi businessman.

Chainrai hopes to stabilise the club before selling it on to new owners in order to recoup his investment, the spokesman said, adding that Peter Storrie, the chief executive, would continue to run the club.

The move means Portsmouth has become the second Premier League club to be controlled from Hong Kong following Carson Yeung's takeover of Birmingham in October.

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