It's official - Hong Kong businessman Balram Chainrai is Portsmouth owner for a second time. Chainrai (pictured) briefly owned the English club before they went into administration in February, and when the club won their battle with British tax authorities earlier this month, it left him free to repurchase the club and save them from liquidation. Any fears Pompey fans had that he might have a late change of heart - they lost disappointingly 2-0 to Coventry in their first Championship match of the season last Saturday - disappeared when Chainrai confirmed that his takeover was signed and sealed. 'On Friday I signed the sale and purchase agreement in London, and we have exchanged contracts with the administrators to buy the club,' Chainrai said. 'The whole process should be completed by the first week of September when I will be confirmed as the new owner of the club. It's been a long process, but I couldn't be happier.' The businessman was sitting pretty in the directors' box at Portsmouth's first home game of the season yesterday when they drew 1-1 with Reading. 'I want to take this club forward and get them back on track. Hopefully the bad times are now behind us,' he said. Chainrai, who became the club's fourth owner in a single season almost by accident - after providing short-term loans totalling GBP17 million (HK$206 million) to one of the team's previous owners, which were not repaid - may still sell the club to Chinese investors to recoup his money. Asian money has already made an impact this season in English soccer. A consortium headed by the owner of Thailand's King Power Group completed a takeover of another English Championship club, Leicester City, from chairman Milan Mandaric this week. King Power is a Thai-owned and run company that holds a monopoly on the lucrative duty free sales market in Thailand. However, Chainrai denied that selling the club on immediately was on the cards and he was staying put for the time being. 'For now all I want to do is help consolidate and strengthen the club,' Chainrai said. There were already some signs that this was happening earlier this week as Portsmouth signed Stoke defender Carl Dickinson on a season-long loan. The 23-year-old left-back is Pompey boss Steve Cotterill's second loan signing of the season from the Potters following the arrival of defender Ibrahima Sonko last month.