Troubled Premier League basement dwellers Portsmouth have yet another new owner – their fourth this season -  as Hong Kong based businessman Balram Chainrai took control of the club by exercising a clause in a loan he made to previous owner Ali Al Faraj.

According to the BBC, Chainrai and his company Portpin are stepping in temporarily until yet another new owner can be found. Having made between $20 and $25 million in loans to the club, it seems the 51 year old Chainrai had no choice but to act to protect his investment when it became clear the loans were not going to be paid off.

Speaking to the local newspaper, the Portsmouth Evening News, he said "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 has been a season full of problems for Pompey, who still face a winding up hearing on February 10^th, but manager Avram Grant says that they are not going to give up fighting, on the pitch at least. "It's very hard times off the pitch but I'm very proud of the players. I think if everything was a little bit more calm the results would be even better."

The players have once again not been paid yet this month, something that Portsmouth captain and England goalkeeper David James discussed on BBC Radio yesterday. "You try and tell the lads that you do get paid even if it's a week late, 10 days or whatever - we are getting paid one way or the other.  We're not sure if we've got anyone else to sell to get paid.” James referring to the fact that key Pompey players Asmir Begovic and Younes Kaboul were sold off during the transfer window to help alleviate the club debt.