Hong Kong-based investor Balram Chainrai has seized control of troubled Portsmouth Football Club (PFC) after exercising a clause in an agreement with owner Falcondrone.

Chainrai's company, Portpin, is reported to have provided financial support to help keep PFC in business and has now taken over Ali al-Faraj's stake in the club after it failed to meet the terms of the loan agreement. A PFC spokesperson said: "Balram Chainrai has exercised a clause in the security arrangement with Falcondrone to take a controlling interest in Portsmouth Football Club. Mr Chainrai wishes to stabilise the club's situation until new owners for the club are found.

"The club will now apply to HM Revenue and Customs (HMRC) to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found." Meanwhile, Plymouth Argyle Football Club has confirmed that HRMC had withdrawn its action against the Coca-Cola Championship Club, following a hearing at the High Court on 4 February.

Another Coca-Cola Championship club facing winding up proceedings by HMRC - Cardiff City Football Club (CCFC) - has received permission from the local authority to sell off two plots of land surrounding its new stadium. Cardiff Council approved the club's plans to sell undeveloped land within the stadium's lease agreement in return for a deferred rental payment in a bid to help CCFC see off the High Court action.

Coca-Cola League Two side Notts County Football Club has been forced to clarify that a takeover bid, which collapsed earlier this week, was not led by the proposed investors announced by the club last week. In a statement, a spokesperson for the club said: "That investor was in the process of extensive due diligence and that process is still ongoing but last Tuesday that investor did provide the club with sufficient proof of funds in writing to satisfy the court the following day to grant the 28-day adjournment."

Macclesfield Town Football Club's supporters trust has launched a new campaign - Macc to the Future - to raise money for the Coca-Cola League Two club in the wake of comments from vice chair Andy Scott that current attendances levels would not be able to sustain Football League status. Speaking after the club attracted 1,035 people to its home game with Northampton Town Football Club (NTFC) on 20 January, Scott said: "Putting it simply, there's no way we can continue to run a Football League club, not least one with aspirations of achieving something, on those sorts of attendances."

Meanwhile, NTFC is offering its supporters the chance to receive a free summer holiday in either Spain or Tenerife if they purchase a 2010-11 season ticket by the end of 5 March.