The enigmatic Saudi property tycoon was forced to hand over the reins after defaulting on loans owed to Hong Kong-based businessman Balram Chainrai on Feb. 4.

Chainrai had exercised a clause in a loan agreement between the two that if payments were not made on time, he would take over Al-Faraj’s 90 percent ownership of the club.

However, it has been reported that Mark Jacob, the British lawyer appointed to the board by Al-Faraj, could challenge Chainrai’s takeover. He argues that neither party complied with the loan agreement.

The Saudi businessman had bought the cash-stricken club last October but ultimately failed to avert its financial crisis, with staff being paid late on several occasions.

Not much is known about him in the Kingdom but he is linked to the British Virgin Islands based company Falcondrone, which was part of the consortium that took over Portsmouth.

Chainrai slammed Al-Faraj and his associates, branding them “reckless.”

“I’m doing this to secure the future of the club, and to stop people who are recklessly trying to ruin the club,” he told the Guardian newspaper in the UK.

“I’m not looking to control the club, I’m not looking to buy the club, I’m looking for a new investor to take over the club and make it into something the fans can be proud of. I want to help the supporters.”

A spokesman for Portsmouth was unavailable for comment when Arab News tried to contact him.

However, the club confirmed the change of ownership in a statement.

“The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm (owned by Jacob) as part of the original draw down of the loan, depositing with Mr. Chainrai the original share certificate and a signed but undated share transfer in favor of Mr. Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement.”

Portsmouth’s off-field woes have transferred onto the pitch, with the club languishing at the bottom of the Premiership table. Manager Avram Grant has also been forced to rely on free transfer signings to strengthen the team during the January transfer window.