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Cash strapped Portsmouth handed 15 million pound lifeline

Portsmouth have received a £15million 'loan' from Hong Kong-based businessman Balram Chainrai. Ownership of the club has changed hands twice since Alexandre Gaydamak's departure in August, while the Premier League have placed a transfer embargo on Paul Hart's side until debts owed to other clubs are met.

The arrival of Ali Al-Faraj was intended to help re-establish some stability, but rumours persist regarding the uncomfortable situation.

There had been speculation that the investment from Chainrai was set to see him become the latest man to take charge at Pompey, but Al-Faraj's lawyer Mark Jacob insists that is not the case.

"It's a facility provided by a third party, that's all," he said.

"Like you or I would go to the bank and borrow money on our property or whatever."

It is not clear what the loan has been borrowed against, but Jacob insists the tide is beginning to turn at Portsmouth.

"We're gradually sorting things out," he said.

"We're working around the clock to do so. But it's not going to happen overnight - we've been in charge (only) four weeks."



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