Source: Eurosport
Al Faraj completes takeover of Portsmouth
Saudi Arabian billionaire Ali al Faraj completed his takeover of Portsmouth on Monday when the Premier League club confirmed he had bought 90 percent of the shares from Sulaiman al Fahim who took over in August.[LNB] "Sulaiman al Fahim, the owner of Portsmouth Football Club, has sold the majority -- 90 percent -- of the club to Falcondrone Limited, a company owned by Saudi Arabian businessman Mr Ali al Faraj," a statement said.[LNB] "Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday."[LNB] 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 Wolverhampton Wanderers, their first points of the season.[LNB] (Reporting by Martyn Herman; Editing by Ed Osmond)
