BBC SPORT | Football | My Club | P | Portsmouth | Saudi completes Pompey takeover
Saudi business tycoon Ali Al Faraj has completed his takeover of Portsmouth, acquiring a 90% stake in the club.
Sulaiman Al Fahim retains a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.
"The takeover will ensure Portsmouth's future is safe and will bring financial stability," read a club statement.
Al Fahim's decision to sell the bulk of his shares to Falcondrone Limited, a company owned by Al Faraj, will free up funds to pay players and executives.
"Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday," the statement continued.
Lawyers for both camps had spent most of Monday locked in discussions about the future of the club.
Al Fahim, who only took over the club in August, had said he would relinquish full control in the event of a suitable offer from Al Faraj.
Under the deal, Al Fahim, who underwent surgery to remove kidney stones last week, becomes non-executive chairman.
BBC Sport understands Al Faraj has already passed the Premier League's fit and proper person test.
Portsmouth's financial problems were exposed last week when the club admitted that players had not received their pay in the build-up to Saturday's 1-0 win at Wolves.
That victory was Pompey's first of the Premier League campaign, but Paul Hart's side remain bottom of the table with just three points after losing their opening seven matches.
Their next game is on 17 October, when they entertain Tottenham, who lie third behind Chelsea and Manchester United.
Just what the feck is going on there? Well dodge if you ask me.
Saudi business tycoon Ali Al Faraj has completed his takeover of Portsmouth, acquiring a 90% stake in the club.
Sulaiman Al Fahim retains a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.
"The takeover will ensure Portsmouth's future is safe and will bring financial stability," read a club statement.
Al Fahim's decision to sell the bulk of his shares to Falcondrone Limited, a company owned by Al Faraj, will free up funds to pay players and executives.
"Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday," the statement continued.
Lawyers for both camps had spent most of Monday locked in discussions about the future of the club.
Al Fahim, who only took over the club in August, had said he would relinquish full control in the event of a suitable offer from Al Faraj.
Under the deal, Al Fahim, who underwent surgery to remove kidney stones last week, becomes non-executive chairman.
BBC Sport understands Al Faraj has already passed the Premier League's fit and proper person test.
Portsmouth's financial problems were exposed last week when the club admitted that players had not received their pay in the build-up to Saturday's 1-0 win at Wolves.
That victory was Pompey's first of the Premier League campaign, but Paul Hart's side remain bottom of the table with just three points after losing their opening seven matches.
Their next game is on 17 October, when they entertain Tottenham, who lie third behind Chelsea and Manchester United.
Just what the feck is going on there? Well dodge if you ask me.
