Portsmouth Accept Fahim Takeover Bid
Portsmouth has accepted a bid from United Arab Emirates entrepreneur Dr Sulaiman Al Fahim to buy the club, easing the financial stability of the Premier League team.
The move follows negotiations led by Portsmouth executive chairman Peter Storrie on behalf of current club owner Alexandre Gaydamak.
Al Fahim was the initial figurehead of the Abu Dhabi United Group when they took control of Manchester City last year, but is now acting for himself.
The club has not released any details of the figures involved in the deal. Portsmouth will now wait for legal and financial formalities to be completed before the takeover can be ratified.
Gaydamak, who has been at the club since January 2006, said late last year that he wanted to sell. The Franco-Russian initially bought into Portsmouth as joint owner when he struck a deal with then-chairman Milan Mandaric. He then bought out Mandaric, who now owns Leicester City, for about £32m.
Gaydamak had earlier stated that he had rejected two offers for the club, as he wanted to sell to a buyer who would be committed to funding a new stadium and training ground for the club.
