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A Non-resident Nepali businessman based in Hong Kong has hugged media limelight in the UK after taking over Portsmouth Football Club, a troubled British Football club.
Chainrai, 51, saved the club last October by providing a £17 million loan to the Portsmouth FC helping the club to meet tax bills.
The Guardian, a leading British newspaper, reported that Balram Chainrai, a British passport holder, seized control of the club from Ali al-Faraj, a Saudi businessman, bcoming the fourth owner of the club in this season.
Chainrai has taken over the 90% shareholding in Portsmouth that was held by Faraj after becoming frustrated that the club had missed deadlines to repay money he was due for substantial loans he gave to them earlier this season, the news report said.
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| Balram Chinrai (2nd from right) with other officebearers of the Portsmouth Football Club (Photo courtesy: www.dailymail.co.uk) |
Chainrai hopes to appoint two new members to the Portsmouth board and is intent on stabilising the finances before looking to attract investors, the daily reported.
Who is Chainrai?
Chainrai is said to have made his fortune distributing electronic products and mobile phones, The Times—a leading British newspaper—reported on Friday. “His main company, Hornington, was founded in 1984 to make and rade electronics and toys, distribute computers and related accessories and to provide funding to other business projects,” the news report said.
According to The Times, Hornington owns a string of fitness chains in Hong Kong and also has investments in Australia and Eastern Europe. Last year, the company claimed to have an annual turn over of £260 million.
Chainrai first came to the attention of the UK business press about six or seven years ago, when his property firm snapped up a number of industrial units around UK, the news report added. nepalnews.com