Source: Telegraph
AlFaraj brothers close in on Portsmouth deal
It is proposed that Dubai-born Fahim will retain a 10 per cent stake and a place in the boardroom as non-executive chairman, while Ali Al-Faraj is ready to offer an immediate £5 million injection of funds that would cover the £1.8 million September wage bill as well as looming debts to other creditors. [LNB]However, despite a promise that the money would be released to the players at the end of last week, it emerged on Monday that the squad were still being kept waiting. [LNB] Related ArticlesPortsmouth set for fresh takeoverAl-Faraj to rescue PortsmouthPortsmouth's owner offered way outPortsmouth owner Al Fahim in hospitalPortsmouth need 'Killem's' fighting spiritComplete TV guide"We have still not had any payment," said defender Hermann Hriedarsson, Portsmouth's Professional Footballers' Association representative. "Let's hope it does not drag on too much longer."[LNB]The Faraj brothers had been among the main backers in the consortium that chief executive Peter Storrie put together in August as an alternative to Fahim and are part of one of Saudi Arabia's wealthiest families. They have also already passed the Premier League's fit and proper person's test. [LNB]It is understood that one potential stumbling block had involved former owner Alexandre Gaydamak, who still owns some land around Fratton Park that Faraj wants included in any deal. [LNB]A spokesman for Gaydamak confirmed he had been informed of a potential new takeover only on Friday, but stressed he would co-operate with Al Faraj. [LNB]"He has instructed his advisers to provide all assistance to help any deal happen," said a spokesman. "He will do everything he can to assist the completion of a sale to an owner with the long-term interests of the club and its supporters." [LNB]After undergoing an operation in Dubai to have his kidney stones removed on Friday, Fahim was in London this week for meetings with Premier League officials. [LNB]"I can confirm that lawyers are engaged in talks and Sulaiman expects that an offer will be made," said his London-based spokesman Ivo Gabara. "He is willing to consider an offer. In the best interests of the club, he is willing to forego full ownership. If and when an offer is on the table, it will be considered on its merits."[LNB]Having failed to pay the players their wages on the scheduled date last Wednesday, Portsmouth also owe around £3 million to agents Pini Zahavi and Jonathan Barnett and have deferred payments to other Premier League clubs for player transfers. [LNB]"It was imperative that something had to be done to safeguard the future of this club," said Storrie. "After prolonged talks with Ali al-Faraj we eventually came to a solution and subject to all the legal issues being sorted out, I am confident the deal should go through."[LNB]It is understood that agreement was close to being reached on Monday night, with Portsmouth needing to raise £15 million within two weeks. [LNB]EmailPrint .at15t_email {display:none !important;}Share|tweetmeme_url = 'http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/6263375/Al-Faraj-brothers-close-in-on-Portsmouth-deal.html';tweetmeme_style = 'compact';tweetmeme_source = 'TelegraphNews';Email|Printhttp://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/6263375/Al-Faraj-brothers-close-in-on-Portsmouth-deal.htmlTelegraphNews Portsmouth
