Born in Okhaldhunga District, Nepal, Balram Chainrai moved with his family to Hong Kong when he was just a child. While his father served in the British army, Chainrai studied at local schools and obtained a British passport. Known for his business dealings, Chainrai is a former owner of the Portsmouth Football Club and was the initial owner of the Premier League in the United Kingdom.
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Chainrai first became involved with the Portsmouth Football Club due to an unpaid loan. He gave Ali al-Faraj millions of dollars in loan money in 2010. When al-Faraj did not repay the loan, Chainrai took over the football club. He remained in administration and ownership of the club until the 2010-2011 season when Convers Sports Initiatives took over the club. By November of 2011, the new owner had an arrest warrant issued by Lithuanian Authorities. This caused the owner to resign as chairman and the Portsmouth Football Club and left with an extensive tax bill.
After going into administration again, Chainrai offered a bid for the club by May of 2012. Reluctantly, he became an owner of the club again and began working to pay off creditors. Following public outrage at his involvement, Chainrai had to step back by August of 2012. There were more 2,700 signatures of fans gathered in protest to Chainrai's involvement. Instead, Chainrai took over the stadium, Fratton Park, as a security against the outstanding loan.