BELEAGUERED Portsmouth Football Club today has a new owner - the fourth since the end of last season.

Hong Kong businessman Balram Chainrai has been confirmed as the fourth owner at troubled Fratton Park this season - subject to the Premier League's Fit and Proper Person's Test.

The surprise development came yesterday when Chainrai, 51, took control of Ali Al-Faraj's 90 per cent stake in the club.

• Balram Chainrai profile

It is understood the businessman's company Portpin has lent Portsmouth at least £17m to keep it afloat over the last year.

Pompey are currently bottom of the Premiership, six points from safety after losing 1-0 to Fulham last night.

Chainrai has acted now to try and protect the vast majority of his loans that he stands to lose next Wednesday, when their appeal against a HMRC winding-up petition will be heard.

The same day, they face the Inland Revenue in the High Court over a £7.5m tax bill - all this three days before their eagerly-awaited FA Cup fifth round trip against Saints at St Mary's.

Portsmouth have now had four owners since the season began – Gaydamak, Sulaiman Al Fahim, Al Faraj and now Chainrai.

The land has been the main issue for all the owners but Gaydamak still has a £28m 'charge' on it, which he will not release until he is paid.

He is still owed £9m from the latest round of instalments before Chainrai can take ownership of the land.

All this suggest that administration, a nine-point Premier League deduction and relegation seem ever more likely with Chainrai desperate for a quick sale himself.

A Pompey spokesman said: "Portpin have exercised a clause in their contractual agreement to take a controlling interest. They are taking control on a temporary basis to allow new owners to be found.

"Portpin's aim is to come in and stabilise the club, sort out the business with the winding-up order from HMRC and sell it on to new owners.

"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club."

Pompey have paid their monthly wages late four times this season and Storrie himself appeared before a crown court accused of tax evasion in January.