Saudi Completes Portsmouth Deal
Saudi business tycoon Ali Al Faraj has completed his takeover of Portsmouth, acquiring a 90% stake in the club.
Sulaiman Al Fahim retains a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.
‘The takeover will ensure Portsmouth’s future is safe and will bring financial stability,’ read a club statement.
‘Contracts have been signed between the parties to enable funds to be released to pay the players and executive board on Tuesday.’
Al Fahim’s decision to sell the bulk of his shares to Falcondrone Limited, a company owned by Al Faraj, comes after six weeks of negotiations.
Under the terms of the deal, Al Faraj will join the club’s board of directors, along with associate Mark Jacob, while Peter Storrie will remain as chief executive.
Al Fahim, who only took over the club in August, becomes non-executive chairman until at least the end of the 2010/2011 season.
According to Portsmouth’s official club website, Al Faraj is a 40-year-old respected property investor based in Riyadh in Saudi Arabia.
It also claims that he has already passed the Premier League’s fit and proper person’s test.
The statement continued: ‘The club will undergo refinancing in order to grow and develop every part of the business.
‘Mr Al Faraj is very supportive of the club’s plans for a new training ground and the development of Fratton Park.’
Portsmouth’s financial problems were exposed last week when the club admitted that players had not received their pay in the build-up to their 1-0 win at Wolves.
