Balu Chainrai hopes for Portsmouth takeover

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Balu Chainrai announces that he hopes to complete a takeover of Portsmouth within two weeks.

Balu Chainrai has revealed that he hopes to complete a takeover of Portsmouth in the next two weeks.

Despite recently announcing that he had withdrawn his offer for the stricken League One side, the Hong Kong businessman announced on Wednesday that his company, Portpin Ltd, would now again try to buy the club.

"After many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC," read a company statement.

"We hope to finalise this transaction in the next two weeks.

"Portpin is taking this step to save the club and will look to continue to work with interested parties - including the Portsmouth Supporters Trust - to ensure that the club will have a sound business foundation to enable it to remain financially over the long term."

Pompey fell into administration for the second time in two years in February.

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