The Hong Kong businessman has taken control after Al-Faraj unsurprisingly missed several deadlines to repay loans to him that he had given the club to pay the wages for the past four months. Therefore Chainrai has evoked his right to take over from Al-Faraj but doesn't actually want to run the club himself.
Instead, Chainrai is looking to stabilise the club financially on a temporary basis and has handed control of the club back to Peter Storrie, which (hopefully) means that Mark Jacob and Daniel Azougy no longer have any affiliation with the club.
Of course, Jacob has contested this by claiming that "Both parties have not complied with the loan agreement. Chainrai had a charge over the property but I don't believe he can come in and become the new owners."
But Jacob's contest is expected to fall flat and so as long as Chainrai can pass the Premier League's joke of a "fit and proper persons test" then he will take control of the club, Storrie will be back to his role as C.E.O and we can bid good riddance to Ali Al-Faraj, Mark Jacob and Daniel Azougy.
Chainrai's first port of call will be to convince HMRC that they will be paid what they are owed so that the club can avoid administration or worse.
I'm sceptical as to what this means to the future of Portsmouth Football Club but if it buys some time for new owners to be found and iradicates the involvement of the previous owners then I'm all for it.