Search This Blog

Tuesday, 16 October 2012

The Future of Portsmouth Football Club?

For over three years now, Portsmouth FC have been the subject of financial turmoil which has slowly ravaged the club from the inside. Since first going into administration whilst still in the Premier League, they have seen relegation twice, numerous amounts of points docked and several complaints about unpaid wages. Now in the third tier of English football, Pompey are set to be taken over yet again. But this time, they will not be under the ownership of another unreliable consortium, but by their own supporters club.

The situation is not as simple as it seems however. The South Coast based club were set to be taken over by controversial figure Balram Chainrai, who had previously had an affiliation with the side when he loaned the former owner Ali al-Faraj £17 million (a sum of money that he has reportedly not received back). He took over the club when al-Faraj couldn't repay the fee and soon led the club into a period of administration. Since then he has been linked with taking over Portsmouth on several occasions, but a petition by Pompey supporters (containing over 2000 signatures) clearly shows that he is not wanted at Fratton Park.

Aswell as this, the Hong Kong born businessman, under the fit-and-proper-person test introduced in 2004, may be prevented from becoming the owner if he plans to submit another bid. The fit-and-proper-person test aims to stop corrupt or untrustworthy owners from meddling in the events of football ownership. Since Chainrai has been involved with Portsmouth Football Club on both occasions when they entered administrations, he may not be allowed to become owner. Therefore, the supporters club may be considered as more suitable owners.

But before they can take over, Portsmouth fans must first purchase assets that are currently in Chainrai's possession, including Fratton Park stadium. With the 54-year old still being owed £17 million by the club, and the supporters club's £2 million value of the stadium, this could prove to be a stumbling block as Chainrai attempts to restore his investment that he put into the club several years ago.

For the moment though, the future of Portsmouth FC is still as questionable as ever.

No comments:

Post a Comment