Al Fahim: Portsmouth Deal On Course

Despite speculation to the contrary, Sulaiman Al Fahim’s proposed takeover of Portsmouth is on course and firmly within Premier League rules, according to the businessman’s spokesman.

Reports had suggested the deal is ‘in limbo’ amid questions surrounding Al Fahim’s ownership suitability.

However, with due diligence on the deal continuing, Al Fahim’s representative Ivo Ilic Gabara commented: ‘The deal is far from in limbo. Our enthusiasm and commitment has, if anything, increased. Any Premier League requirements can – and will – be met.’

United Arab Emirates businessman Al Fahim had a reported £60m bid for the south-coast club accepted in May, but a series of developments appeared to cast a shadow over the takeover.

First Portsmouth were forced to deny that former Manchester City owner Thaksin Shinawatra was part of the bid, and then, similarly, that Premier League chairman Dave Richards was involved.

Additionally the fact that Al Fahim acted as the initial figurehead of the Abu Dhabi United Group that took control of Manchester City from Thaksin last year placed increased concern over the deal.

Premier League rules forbid two clubs being owned by the same controlling interest, and media reports suggested that Hydra Properties – a company which boasts Al Fahim as chief executive – is part of a wider group, the Royal Group, which is chaired by Manchester City owner Sheikh Mansour bin Zayed’s brother.

However, Gabara said that not only does Al Fahim not own a single share in Hydra Properties, but also that the takeover is being led by Al Fahim Asia Associates, the sole vehicle of the UAE businessman.

He commented: ‘Recent media coverage has been misleading. The buying party has always been Al Fahim Asia Associates – which is fully owned by Al Fahim.

‘He has always been fully aware of the disclosure requirements of the Premier League and its fit and proper person test, and has always intended to comply fully with these rules.

‘He knew this transaction would attract considerable media interest and was always ready to withstand the scrutiny.

‘If there are any investors who, as a result of this deal, acquire 10% or more of Portsmouth Football Club, they’ll be fully disclosed to the Premier League and made public.’

‘As far as the due diligence is concerned, we have never committed ourselves to the beginning of July. We are saying it will be completed in the course of July.

‘However, clearly it is in everybody’s interests that the deal goes through as soon as possible.’