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Last Updated: Thursday February 04 2010 16:28 GMT

Pompey gets ANOTHER new owner

Pompey gets ANOTHER new owner

Under a cloud of financial trouble, Portsmouth have announced their fourth new owner of the season.

Hong Kong businessman Balram Chainrai has taken over from Ali Al Faraj at the cash-strapped club, which has racked up debts of more than £60 million.

Trouble started when Pompey bought lots of new players they couldn't afford.

In recent months, the club hasn't been able to pay players' wages, even though owners have got rid of some big names and borrowed more money to keep going.

The club might have to pay back some of the cash as soon as next week, but Portsmouth aren't the only club with financial issues.

Premier League problems

Manchester United's manager Sir Alex Ferguson
Manchester United's manager Sir Alex Ferguson

Even high profile clubs like Manchester United and Liverpool are millions of pounds in debt.

And loads more Premier League clubs are trying to keep their outgoings under control, and depending on staying in the top flight for survival.

A sign of the cash flow problems was shown last month when the money spent on buying new players in the January transfer window was the lowest since transfer windows began.