Fratton Park: Takeover complete

The takeover will ensure Portsmouth football club's future is safe and will bring financial stability.

Portsmouth football club

Ali Al-Faraj has completed his takeover at Portsmouth after a company under his ownership bought a 90 per cent share in the Premier League club.

Former Pompey owner Sulaiman Al-Fahim had been holding talks with legal representatives of the Saudi-Arabian billionaire in London over the past couple of days and a deal has now been agreed.

Sky Sports News broke the story that a conclusion had been reached and Pompey have confirmed that Al-Faraj's company, Falcondrone Limited, now holds a 90% majority share in the Fratton Park club.

Al-Fahim will keep a 10% share and will move to a role as a non-executive chairman, while Peter Storrie will remain as chief executive officer.

A statement on Portsmouth's official website said: "Sulaiman Al-Fahim, the owner of Portsmouth football club, has sold the majority - 90 per cent - of the club to Falcondrone Limited, a company owned by Saudi-Arabian businessman Mr Ali Al-Faraj."

A Pompey spokesman quoted on the club's website said: "The takeover will ensure Portsmouth football club's future is safe and will bring financial stability.

"Once the takeover is complete the club will undergo refinancing in order to grow and develop every part of the business.

Dramatic

"Mr Al-Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."

The agreement brings to an end a dramatic couple of months for Premier League strugglers Pompey, who sit bottom of the table and only recorded their first win of the season when defeating Wolves at the weekend.

Al-Fahim bought Portsmouth in August, but he failed to produce the neccesary funds to run the club and players and executives did not receive their salaries last week, while the Dubai-based businessman was also rushed to hospital.

He was therefore eager to sell after just six weeks and an arrangement has now been struck with Al-Faraj, although the amounts of money have not yet been revealed.

Al-Faraj had already passed the Premier League's fit and proper persons test after a failed attempt to buy Portsmouth as part of a consortium involving Storrie in the summer, which increased the speed of the takeover bid.

Former Pompey owner Sasha Gaydamak, who still owns land surrounding Fratton Park, had also given his required backing to the billionaire's impending arrival earlier on Monday.

Passionate

Al-Faraj, 40, is understood to be keen to keep a low profile, but he is passionate about Portsmouth and appears prepared to invest heavily in the South Coast club.

Mark Jacob, who is Al-Faraj's lawyer and will also be on Pompey's board, told Sky Sports News on Monday night: "He is absolutely delighted and is looking forward to working with the team, players and, more importantly, the supporters to help put Portsmouth back on the footballing map.

"He is a huge supporter of the English Premiership. He sees a great opportunity with regards to Portsmouth and is just delighted to get involved."

When asked how Al-Faraj will differ to Al-Fahim, he said: "Wait and see."

Jacob also expects the club's players and executives to be paid on Tuesday, adding: "Various things are in place that have to be dealt with over the next couple of days.

"I certainly anticipate that players will get their salaries tomorrow."