PORTSMOUTH GET NEW OWNER

Al Fahim: Ill

03/10/2009

PORTSMOUTH have effectively already been taken over by a new Saudi Arabian owner.

Saudi property magnate Ali al-Faraj has bailed out the club's troubled owner Sulaiman Al Fahim with a £5million loan to help towards paying the players' wages.

And Al Fahim is poised to sell the majority of his holding in Portsmouth to the Saudi consortium, signalling another twist to the bizarre ownership saga that has promoted a Premier League inquiry.

The Dubai-based Al Fahim said of al-Faraj: "I think by Monday or Tuesday he will be on the board.

"His consortium will be a major shareholder and I will keep a minority."

It was al-Faraj who led a consortium in the summer that seemed poised to buy the club from previous owner Alexandre Gaydamak.

But at the last minute Al Fahim won the takeover battle and pledged a further injection of £50m - none of which has been forthcoming. That is why last week the payment of players wages was plunged into doubt.

And with a payment of up to £16m due soon, Pompey's chief executive Peter Storrie expressed doubts about the club's future.

Al Fahim was due to have a showdown meeting with Premier League bosses this week but he has been admitted into a Dubai hospital for kidney stone surgery.

He added: "I will need rest. My lawyers are in discussion with the consortium lawyers."

Your comments

This article has 1 comment

poor old Pompey, FA Cup winners one year, losers the next. I'm not a hugh footie fan but do support this club. Never been the same since Rednap dumped them. I understand his reasons but can't we just find some one to care about the club and its players!

By cheryl.. Posted October 4 2009 at 9:19 PM.

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