Last Updated: Thu, 04 Feb 2010 11:42
Portsmouth have confirmed that Balram Chainrai has taken over the struggling club, becoming the fourth owner in the last six months.
The Hong Kong businessman has taken over the 90 per cent shareholding in Pompey that was held by former owner Ali Al-Faraj after the club continually defaulted on loan repayments.
Whether punters looking to use their free bet will see it as a good thing is open to question as it is thought the new development is another short-term deal designed to help the financially-stricken Premier League outfit pay off some debts and hopefully create a bit of stability until the summer.
Pompey has suffered a wretched season so far, both on and off the pitch, and has a massive job on to avoid relegation as the 1-0 defeat at Fulham on Wednesday night leaves the club rooted to the foot of the table, six points from safety.
Hong Kong businessman Chanrai, through his company Portpin, has reportedly already loaned at least £17million to Faraj in recent times to help keep Portsmouth afloat.
Chainrai told the Portsmouth Evening News: "Portpin has made substantial loans to Portsmouth to try and ensure the club's future. Portpin will continue to work for the best interests of the club."
It does not get any easier for Avram Grant's side as they travel to Old Trafford on Saturday to take on Manchester United, fresh from their mauling of Arsenal and gunning for top spot.