Riyadh, October 06: The Saudi businessman, Ali al-Faraj, last night completed his takeover of Portsmouth. Former owner Sulaiman al-Fahim sold 90 per cent of the shares in the club to Falcondrone Limited, a company owned by Faraj, freeing up funds to pay players and executives.
Fahim, who only bought the club from Alexandre Gaydamak less than eight weeks ago, is though expected to remain as non-executive chairman. A statement on the Portsmouth website said: “The takeover will ensure Portsmouth Football Club’s future is safe and will bring financial stability. Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday.”
–Agencies