Chainrai, through his company Portpin, has re-entered the equation as a bidder for the League One club just eight days ago Portpin announced its interest in buying Portsmouth, who remain in administration, was at an end. That appeared to leave the Pompey Supporters Trust (PST) offering the club's last hope of survival.
Hong Kong businessman Chainrai's company remains Portsmouth's biggest creditor and the PST urged him to negotiate with them over the value of the club's stadium, Fratton Park.
That remained a sticking point, and now Chainrai and Portpin are confident of reclaiming control of the troubled club, averting possible closure. If they have the backing of administrator Trevor Birch, they could scupper the supporters' hopes of bringing the former Premier League club under their own control.
A statement from Portpin said: "After many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC.
"Portpin's offer will be in much the same form as previously with the club's current CVA being honoured and football creditors being settled in accordance with current agreements."