Source: Daily_Mail
Al Fahim takes over at Portsmouth after Premier League approves £60m deal
Sulaiman Al Fahim has finally completed his takeover at Portsmouth - saving them from becoming the first Premier League club to go into administration.
Al Fahim, who has become chairman at Fratton Park, was given the go-ahead to finalise his £60million buyout after passing the Premier League's stringent new fit-and-proper-person test.
Portsmouth confirmed that current owner Alexander Gaydamak had reached an agreement 'in principle' to sell the club to Al Fahim Asia Associates.
'I very much look forward to working closely with the club's management and supporters to develop Portsmouth Football Club and deliver future success,' he said. 'The club has a long and fine history of achievement that I intend to build on.'
Peter Storrie, who will stay on as chief executive, added: 'This appointment brings stability to the club and is excellent news for Pompey supporters.
'I have every reason to believe that together with the new chairman we will be able to take the club forward to further achievements, building on the successes of the past three years.'
Al Fahim can now start work at Portsmouth after the Premier League gave the green light to his takeover.
A statement read: 'The Premier League can confirm that Mr Al Fahimhas submitted all the documentation required to satisfy our fit andproper persons test.
'Based on the information provided the League has found no reason why Mr Al Fahim would be liable to be disqualified as a director of a Premier League club.
'Accordingly we have advised Portsmouth that his appointment may proceed. As with all changes in club ownership the Premier League will continue to monitor any material changes in circumstance.'
It comes just in time to stop South African-based Standard Bank calling in the administrators to reclaim an unpaid £30m loan.
Bank officials are believed to have contacted Pompey on Friday to demand repayment by the end of this week. In a further twist it has emerged the Premier League's checks have scared off the mystery backers Al Fahim had lined up.
The investors wanted to remain anonymous but, under league rules, anyone with over a 10 per cent stake in a consortium must be identified and undergo the test.
This means Al Fahim will struggle to make any big-money signings.
