Balram Chainrai says he has “zero interest” in buying Portsmouth and is just trying to protect the future of the club.
The Hong Kong businessman seized control of Ali al-Faraj’s 90 per cent shareholding this week by exercising a clause relating to £17m he had loaned the club.
The move effectively makes Chainrai Portsmouth’s fourth owner this season but he insists he has no intention of running the club.
"I have zero interest in buying Portsmouth and it's completely untrue that I am the new owner of the club,” he told the South China Morning Post. "As far as I am concerned, I have just confiscated the shares of the previous owners.
"It's nothing to do with controlling the club. I don't know anything about running a football club. I just love the game and that's why I've taken this action. We have exercised our right to take control of the shares, and to remove the previous owners.
"It's all about protecting the club's interests. It's about finding someone who has the club's best interests at heart."
Chainrai confirmed in a statement released by Portsmouth on Thursday that he will ask the High Court to delay a winding-up order from HMRC while he tries to stabilise the club and find a buyer.
Mark Jacob, the British lawyer who was appointed executive director of Portsmouth under the Al-Faraj regime, is thought to be contesting whether Chainrai can take over the shares, arguing that neither party complied with the loan agreement.
But Chainrai last night (Feb 4) accused the previous owners of being “reckless”.
"I'm doing this to secure the future of the club, and to stop people who are recklessly trying to ruin the club," he told the Guardian. "I've taken the shares from the present owners and put them in trust until a new investor can come along.
"I'm hoping we can find a very good investor who's honest and who can take the club to the next stage in its life.
“The shares right now are in trust. I'm ready to sell them but I'm going to scrutinise that whoever buys is not a liar.
“If he says he's got my money I'm going to see if he's really got money. I'm going to do my KYC [Know Your Client test]. I'm looking for someone to step in as soon as possible to help the club.”
