Portsmouth Football Club
First takeover, administration and sale
In 2010 Balram Chainrai lent former owner Ali al-Faraj, whom he had never met, £17 million. When the owner failed to meet a scheduled loan repayment, Chainrai took control of the club. While the press called him the "owner" of the club, Chainrai initially rejected this label and maintained that he was only protecting his investment and that he was a reluctant owner. Under Chainrai's ownership Portsmouth became the first ever Premier League club to enter administration, on 26 February 2010. Chainrai says he will do everything to protect Portsmouth from liquidation in the future. Chainrai has agreed terms to take over Pompey for a second time after negotiations with David Lampitt.
Having finally come out of administration on 23 October 2010, Portsmouth confirmed the sale of the club back to Chainrai. At the end of the 2010/11 season, Convers Sports Initiatives, owned by Russian Vladimir Aleksandrovich Antonov, completed its takeover of the club.
In November 2011 a Europe-wide arrest warrant for Antonov was issued by Lithuanian prosecutors as part of an investigation into alleged asset stripping at Lithuanian bank Bankas Snoras, 68% owned by Antonov, which went into temporary administration. This led on 29 November 2011 to Antonov resigning as chairman of Portsmouth after parent company Convers Sports Initiatives entered administration. On 24 January 2012, Portsmouth were issued with a winding up petition by HMRC for over £1.6 million in unpaid taxes, which was heard on 20 February. Instead, Portsmouth went into administration for the second time in two years, bringing them an automatic 10-point deduction and relegation to League One. On 27 February 2012 a leading insolvency expert said that he believed Chainrai might never get back the £17m that he was owed by the club, and that security could be devalued by the courts if administrator Trevor Birch asked for a ruling on its true worth. On 4 March 2012, Chainari seemed on the verge of becoming Pompey’s ‘reluctant owner’ for a second time. and the next day on 5 March 2012, Birch said he had met with the Chainrai to discuss the club's search for a new owner.
New bid for club
On 18 May 2012 Balram Chainrai’s Portpin launched a bid to take Portsmouth F.C. (affectionately known as Pompey) out of administration that was provisionally accepted by the creditors but indicated he would “prefer someone else to come in”. On 22 June 2012 the Pompey Supporters' Trust also submitted an approved bid to take the club out of administration which would see the creditors paid more. On 15 August 2012 Chainrai withdrew his bid due to criticism of his further involvement by fans, the financial conditions imposed by the League, a ten-point penalty, the administrators' fees, and a number of other items. Chainrai was criticised by manager Michael Appleton, who described him as "unprofessional" after he slashed a promised budget of £4m for new player acquisitions in May to £1.5m. In August Appleton said he was willing to work with Chainrai despite this disagreement. 
On 24 August 24, 2012 Chainrai submitted a new bid after he said he had been asked to by the administrators, the council and the creditors, but when questioned they all denied it. This reinvolvement also led to protests from Portsmouth supporters. On 28 August 2012 Members of the UK Parliament urged Chainrai to accept the offer from The Pompey Supporter Trust. According to Carl Faulds, a football finance expert, Chainrai fears that, if he is unsuccessful in his attempts to buy the club, he will lose control of Portsmouth stadium Fratton Park. On 25 September 2012 Chainrai began to criticise The Pompey Supporters' Trust, claiming that their bid had no substance. The following day PST responded, criticising Chainrai and saying the negotiations were 'alive and kicking', and that Chainrai was the wrong choice of owner for the club. By 10 October 2012 a thousand Portsmouth Fans had signed an online petition to football authorities to prevent Chainrai owning the club once again. At least 2,700 signatures had been collected when Fan Dan Lacey launched the No Portpin at Pompey petition. Soon after, Chainrai's bid to buy Portsmouth failed to meet approval by The Football League, because he wouldn't pass their 'owners and directors' test. Chainari has denied this, insisting the bid progress to buy the club is positive. On the deadline day, Administrator Trevor Birch announced Pompey Supporters’ Trust was the preferred bidder to take over Portsmouth. After the negotiations, Chainari vowed he would become a Portsmouth owner once again. However, Chanrai halted his attempt to buy the club on 19 November 2012 for the second time It was announced that the case would be heard at the High Court of Justice on 13 and 14 December after Chainari held the stadium, Fratton Park, as security Prior to this court case, Chainrai announced his intention not to go the court hearing. The case has since been delayed several times and is now subject to an absolute deadline to be heard by 19 April.
Gone but not forgotten
On April 10th, at 16:10, it was announced in court that an agreement had been made between the Portsmouth Supporters Trust and Portpin, to release the fixed charge on Fratton Park, and enable the completion of the purchase of Portsmouth Football Club by the fans.
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