BALRAM CHAINRAI has made it clear he will not loan any more money to Portsmouth while he holds the 90 per cent of the club’s shares he took over from Ali al-Faraj, the former owner.

The decision of the Hong Kong businessman, who is owed €19 million by Portsmouth, means the sourcing of new finance is vital before Wednesday’s winding-up petition or the club will almost certainly enter administration.

Chainrai wants to sell Portsmouth as soon as possible and is confident the club’s status will attract a new buyer. He has asked for an adjournment to the petition from Her Majesty’s Revenue and Customs but if this is not possible then on Wednesday morning the club will appeal against the petition, which is for a €8.5 million bill, and hope to have it thrown out.

Peter Storrie, the chief executive, said he was confident a new owner could buy the club soon, though whether any deal will be done before the petition’s hearing is unclear. Storrie said: “There’s interest already – there’s been phone calls yesterday and today. I would expect a new owner in place shortly.”

Storrie said any purchaser of Pompey would be acquiring a bargain. “It’s certainly good value. The club will go for nothing. The new owner would, though, have to take on the debt, and excluding the money owed to Sacha Gaydamak, the debts are down to €28.5 million, and most of those are normal footballing debts.”

Guardian Service