Last week we covered that Portsmouth players had not been paid, and I asked whether Sulaiman al Fahim actually had the money to buy the club.
The answer was no, as Sulaiman al Fahim today sold Portsmouth to Saudi property magnate Ali al Faraj. Ali al Faraj is a familiar name to Pompey fans as Portsmouth executive Peter Storrie had told former, former, Portsmouth owner Sasha Gaydamak that Al Farai was interested in buying the club. But Gaydamak failed to take the advice of Storrie and sold to al Fahim. And the crisis that has engulfed Portsmouth football club began.
The first step for the al faraj consortim will be to pay the players and then to pump pump £16.5m into Portsmouth within the next fortnight in order to stave off the threat of administration.
A statement on Portsmouth’s official websitesaid:
“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. Mr Al-Faraj is very supportive of the club’s plans for a new training ground and the development of Fratton Park.”
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