Portsmouth have been taken over for a third time this season after Balram Chainrai seized control, subject to passing the Premier League fit and proper person test.
Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after after invoking a repayment clause.
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.”
The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club’s future television revenue and Faraj’s 90 per cent share.
Under the terms of the loan Faraj’s 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club’s best interests.
“Portpin have made substantial loans to Portsmouth to try and ensure the club’s future,” he told The Guardian. “Portpin will [now] continue to work for the best interests of the club.”
Meanwhile, Portsmouth are due in court to appeal against the petition from from HM Revenue & Customs over an unpaid tax bill before the hearing next Wednesday.
Chainrai appealed to HMRC to understand the club’s financial predicament, adding: “To help Portsmouth succeed we need the support and understanding of Her Majesty’s Revenue to work out a solution.”
The cash-strapped club remain rooted to the bottom of the table after a 1-0 defeat by Fulham on Wednesday.
Portsmouth have been late paying wages four times this season because of debts of £60m and the players’ wages for January were finally paid on Wednesday.