Struggling Portsmouth Football Club, rooted to the bottom of the Premier League have a new owner: Balram Chainrai. Hong Kong businessman Chainrai loaned previous owner Ali al-Faraj £17m and has now exercised a clause in the contract to take control of the seaside club. With an upcoming HMRC winding up order to answer to, the club is in an exceptionally poor position and Chainrai has no willingness to own the football club long term. Instead he is hoping to clarify the finances and find a new buyer – Portsmouth’s fifth of the season before the winding up order comes into force.

“Dr” Sulaiman Al Fahim has confirmed he is the new owner of Portsmouth FC ending speculation of a new attempt by Peter Storrie. A statement was released on Al Fahim’s behalf stating: “Devondale Investments, the current owner of Portsmouth FC, and Al Fahim Asia Associates Ltd. (AAA), a company fully owned by Sulaiman Al Fahim, Chairman of the Board of Portsmouth FC, have reached an agreement whereby AAA has become the new sole owner of the club,”

“Sulaiman Al Fahim welcomed this agreement and looks forward to helping the club build on its impressive history and achieve new successes in the Premier League.

“The chairman of the club would like to extend his gratitude to the players, staff and the supporters of Portsmouth FC who have shown an extraordinary level of commitment and loyalty to this great club.”