Change of owner AGAIN for Portsmouth

• limpper

  4 Oct 09, 13:36

  Al Fahim agrees to sell Portsmouth to Al Faraj

  Portsmouth are set for new owners.

  The Portsmouth News says Pompey will stave off the threat of financial ruin after Sulaiman Al Fahim agreed to sell the club to the Al Faraj family.

  Al Fahim has finally admitted defeat in his bid to secure finance for the club and will pass over control to the Al Farajs - led by Saudi tycoon Ali Al Faraj.

  That will prevent Pompey from falling into administration and enable them to pay players and board members for the foreseeable future.

  The takeover is subject to legal ratification but it is understood Ali Al Faraj - who is part of one of Saudi Arabia's wealthiest families and believed to have a personal holding in billion-dollar petroleum giant Sabic - has already passed the Premier League's fit and proper persons test.

  The deal should be finalised this week after Al Fahim confirmed he would sell the majority of his holding.

• Y_Shun

  4 Oct 09, 15:09

  Sulaiman Al Fahim IS A JOKE... no money still want to buy the club, seemed more like a deliberate attempt to screw up Portsmouth...

• Rooney9

  4 Oct 09, 15:16

  yes its a joke. the BPL/EPL is also a joke, can even pass him fit and proper person test so easily. now they have to assess the fit and proper person test again. what a boo boo.

• limpper

  6 Oct 09, 14:05

  Portsmouth confirm Al-Faraj takeover

  Portsmouth confirmed last night that Saudi businessman Ali Al-Faraj has completed his takeover of the club.

  Former owner Sulaiman Al-Fahim sold 90 per cent of the shares in Portsmouth to Falcondrone Limited, a company owned by Al-Faraj, freeing up funds to pay players and executives.

  A statement on Portsmouth's official website said: "The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability."

  Al-Fahim Asia Associates Ltd (AAA), owned by Al-Fahim, retains a 10 per cent share in the club.

  Al-Fahim himself will remain as non-executive chairman until at least the end of next season, while Peter Storrie will continue in his role as chief executive.

  Al-Faraj, 40, who will be joined on the board by his associate Mark Jacob, has already passed the Premier League's fit and proper person test following his involvement in the consortium that attempted to buy the club in late August.

  Jacob told Sky Sports News on Monday night: "He's absolutely delighted and looking forward to working with the team and the players.

  "He is a huge supporter of the English Premiership and he's delighted to get involved.

  "I anticipate the players will get their salaries tomorrow."