Portsmouth owner ordered to reveal financial details

A High Court judge has ordered full disclosure of Hong Kong businessman Balram Chainrai’s financial dealings with Portsmouth as part of a review of the club’s move into administration.

The ruling, which means Portsmouth’s lawyers will be back in the High Court in two weeks’ time, came after UK tax authorities queried whether the administrator appointed to run the club would operate impartially in the eyes of the law with regard to the interests of all creditors.

“A shadow has been cast over the existing appointment of the administrators and it is clear that shadow should be removed as quickly and cheaply as possible,” Justice Alastair Hubert Norris said in his ruling.

“It is common ground before me that immediate liquidation of the company is a course to be avoided if possible. But it is only possible if properly funded administrators can be put in place.”

Chainrai became Portsmouth’s fourth owner in six months when he took control of the club in early February, having loaned the previous owner, Ali Al Faraj, 17 million pounds (18.76 million euros).

Barrister Gregory Mitchell, representing HM Revenue and Customs, said it was unclear how Portsmouth had ended up insolvent with debts of 65 million pounds.