Premier League strugglers Portsmouth have confirmed they have yet another new owner after Balram Chainrai took control at Fratton Park.
The Hong Kong businessman has taken over the 90% shareholding of Ali Al-Faraj after the club continued to default on loan repayments.
Pompey, who are rooted to the foot of the table, went down to a 1-0 defeat at Fulham on Wednesday night as the Cottagers picked up their first win in the league since beating Manchester United at Craven Cottage on December 19.
Portsmouth’s latest takeover is believed to be a short-term measure designed to help them pay off some debts and ensure some kind of financial stability through until the end of the season.
Chanrai is reported to have recently loaned Al-Faraj around £17m through Portpin, the company he owns with Israeli business partner, Levi Kushnir, and their associates.
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