Portsmouth is in new hands today after Saudi businessman Ali Al Faraj completed his takeover of the club.
Mr Al Faraj has acquired a 90% stake in the club with Sulaiman Al Fahim retaining a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.
' A short spell in charge, Sulaiman Al Fahim has sold his majority stakeholding
Al Fahim’s decision to sell the bulk of his shares to Falcondrone Limited, a company owned by Al Faraj, was announced late on Monday night.
Under the terms of the deal, Al Faraj will join the club’s board of directors, along with associate Mark Jacobs, 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. Pompey also says that he has already passed the Premier League’s ‘fit and proper person’ test.
A club statement read:
The takeover will ensure Portsmouth’s future is safe and will bring financial stability.
Contracts have been signed between the parties to enable funds to be released to pay the players and executive board on Tuesday.
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.