It became known that the Premier League has used corporate investigators to unravel the ownership and control structure of the Portsmouth City Football club. In particular, the League tried to reveal the inside of the transactions in the course of which the Saudi businessman Ali Al Farai purchased the controlling stake of the club through the BVI company Falcondrone Ltd., and later on lost his ownership over the club.
According to some sources, to investigate the processes in the club, the League used Kroll, which is the world’s leading global corporate investigative, screening and intelligence firm.
The Portsmouth club was put for sale last summer. In February the club was repurchased from the BVI company, and Hong Kong businessman Balram Chainrai became its owner. Because of the sad financial situation in the club, the new owners entered administration. Andrew Andronikou, Michael Kiely and Peter Kubik were appointed joint administrators on February 26, 2010, acting as agents, managing affairs, business and property of the company.
Now Andronikou is to meet Portsmouth’s creditors and within a week to 10 days he will make a formal offer to them, connected with the plans for taking the club out of administration. Within 28 days of that offer, creditors will vote on this offer.