Saudi Takeover Portsmouth
Saudi business tycoon, has completed the takeover of Portsmouth after acquiring 90 percent stake in the club.
Sulaiman Al Fahim retains a 10 percent share of the club, just six weeks after completing a buy-out of the Premier League club.
Al Faraj is a 40-year-old, respected property investor based in Riyadh in Saudi Arabia.
“The takeover would ensure Portsmouth's future and would bring financial stability to the club.
Contracts have been signed between the parties to ensure that monies are paid to the players and the Executive Board,” a statement from the club noted.
Portsmouth Chief Executive, Peter Storrie has confirmed that monies would be available for new players in the January transfer window.
“Ali is a passionate follower of the Premier League and wants Portsmouth to remain in the best league of the world,” he added.
Al-Faraj's lawyer, Mark Jacob said: “There is going to be substantial investment in the club.
“We were ready to invest and push things forward after we missed the opportunity about six weeks ago. However, there would be funds available in January to ensure that we do not end badly in the League.”
Before the recent turmoil, Portsmouth were planning to build a new stadium and training ground.
Under the terms of the agreement, Al Faraj would join the club's Board of Directors, while Storrie would remain as Chief Executive of the club. Al Fahim, who only took over the club in August, would become a non-Executive Chairman until the end of the 2010/2011 season.