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Saudi Al-Faraj completes Portsmouth takeover
Source: Agencies |
October 6, 2009, Tuesday
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Saudi Arabian property magnate Ali Al-Faraj completed his takeover of Portsmouth late yesterday, ending Sulaiman Al-Fahim's brief and troubled ownership.
Less than six weeks after buying Portsmouth, owner Al-Fahim sold 90 percent of his stake in the financially troubled club to a consortium led by Al-Faraj.
"The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability," the club said. "Once the takeover is complete 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."
Al-Faraj passed the league's "fit and proper persons test" that determines who may own English clubs when he was first trying to buy into Pompey in August.
Al-Fahim, who only took over Portsmouth in late August, had been attempting to refinance the club after banks demanded the television receipts and profits from the last transfer window.
Uncertainty over Al Fahim's refinancing plans grew last week when players were not paid and Portsmouth chief executive Pete Storrie has said "there is no money left".
The squad was promised Thursday they would receive their wages within two days, blaming a cash-flow delay caused by the recent takeover.
"I anticipate the players will get their salaries tomorrow," Al-Faraj's associate Mark Jacob said yesterday.
Less than six weeks after buying Portsmouth, owner Al-Fahim sold 90 percent of his stake in the financially troubled club to a consortium led by Al-Faraj.
"The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability," the club said. "Once the takeover is complete 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."
Al-Faraj passed the league's "fit and proper persons test" that determines who may own English clubs when he was first trying to buy into Pompey in August.
Al-Fahim, who only took over Portsmouth in late August, had been attempting to refinance the club after banks demanded the television receipts and profits from the last transfer window.
Uncertainty over Al Fahim's refinancing plans grew last week when players were not paid and Portsmouth chief executive Pete Storrie has said "there is no money left".
The squad was promised Thursday they would receive their wages within two days, blaming a cash-flow delay caused by the recent takeover.
"I anticipate the players will get their salaries tomorrow," Al-Faraj's associate Mark Jacob said yesterday.
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