BLP advises Portsmouth owner as football club wins stay of execution
Berwin Leighton Paisner (BLP) has taken an advisory role on Portsmouth Football Club's ongoing fight for survival. The UK top 20 firm is advising Balram Chainrai, who last week took over a 90% shareholding in the Premier League club after former owner Ali Al-Faraj defaulted on a loan - reportedly worth £17m - to Chainrai's investment vehicle.
February 10, 2010 at 10:37 AM
2 minute read
Berwin Leighton Paisner (BLP) has taken an advisory role on Portsmouth Football Club's ongoing fight for survival.
The UK top 20 firm is advising Balram Chainrai, who last week took over a 90% shareholding in the Premier League club after former owner Ali Al-Faraj defaulted on a loan – reportedly worth £17m – to Chainrai's investment vehicle.
Hong Kong-based businessman Chainrai had injected the money into the club through his British Virgin Island-based company, Portpin, in a bid to shore up the club. BLP City litigation partner Graham Shear is leading the team advising Portpin.
HM Revenue & Customs has taken a hard-nosed approach to the stricken football club, which was threatened with a winding-up order in a High Court hearing held today (10 February) relating to a £7.4m unpaid tax bill. However, the court opted to adjourn and give the club one week to present a statement of financial affairs.
Surrey-based litigation boutique Newmans has taken the lead role for the football club, while the Premier League is taking advice from its in-house lawyers, led by company secretary Jane Purdon.
The news comes amid a turbulent period for the football club, which was taken over twice last year and currently sits at the bottom of the Premier League. Last October Saudi businessman Al-Faraj bought a 90% stake in the club from Arab billionaire Sulaiman Al Fahim, who had owned the club for less than five months.
Mayer Brown advised regular client Al Fahim on the deal, led by City corporate partner Robert Hamill. Al-Faraj turned to boutique firm Fuglers, while Portsmouth FC instructed longstanding advisors Sherrards.
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