Portsmouth have received more good news after Balram Chainrai, one of the club’s main creditors, agreed to drop his claim for immediate repayment if the Premier League brought forward television revenue of around £6m. The league made it known last week that it was willing to advance tv revenue and even parachute payments that were due to the club if the money was used to pay off football creditors and keep Portsmouth afloat until the end of the season. The league was concern
Portsmouth have received more good news after Balram Chainrai, one of the club’s main creditors, agreed to drop his claim for immediate repayment if the Premier League brought forward television revenue of around £6m. The league made it known last week that it was willing to advance tv revenue and even parachute payments that were due to the club if the money was used to pay off football creditors and keep Portsmouth afloat until the end of the season. The league was concerned that the money would go straight to Chainrai’s company, Portpin. Chainrai’s assurance overcomes this problem and he has also pledged to invest £15m to keep the club running between now and the end of the season.
Not so long ago there was talk of Pompey disappearing altogether as it was engulfed by a tidal wave of debt. Now the tide is receding and prospects for the club look much better.