Source: SKY_Sports
Al-Faraj denies short-term investment
Ali Al-Faraj insists acquiring Portsmouth is a long-term investment and that he did not buy the club in order to make a quick buck.
The Saudi business tycoon secured a 90 per cent stake in the Fratton Park outfit earlier this month, with Sulaiman Al-Fahim retaining a 10 per cent shareholding.
Al-Fahim had only taken control of Portsmouth in August, but problems surfaced after delays in his bid to refinance the club - which ultimately forced his hand.
With the club struggling to pay its players and with speculation mounting they could be forced into administration, Al-Faraj struck a deal after missing out just months before.
"I didn't buy Portsmouth on a whim," he is quoted as saying in The Sunday Mirror. "I never intended to make a quick investment and get out.
Stability"I'll be applying some of my business expertise and investing money to bring stability.
"Even when my initial bid failed, I never gave up hope of securing the club and honestly felt that another opportunity would present itself.
"When Peter (Storrie) came to me requesting a short-term loan to help the club, it was at my suggestion that perhaps it would be more conducive for me to buy the club outright.
"I think the former owner, Sulaiman Al-Fahim, realised the precarious position he was in when he was unable to secure funding in time to save the club and a deal was very quickly agreed.
"And one of the reasons I made immediate changes to the board and brought in Avram Grant was to assure people that I was serious about the club. As it is, I watch all Portsmouth games at home and it's my intention to come to the club in the next few weeks."
Question marks have been raised that third parties have helped finance Al-Faraj's investment in Portsmouth, something he strenuously denied.
He continued: "When I bought Portsmouth I made it clear I would stay in the background and allow a management team to run the club headed up by chief executive Peter Storrie.
Justification
"This acquisition is entirely separate to my other businesses and I didn't purchase the club intent on having to justify my actions or fall under public scrutiny.
"I'm an intensely private man and I don't feel comfortable in the spotlight."
Al-Faraj admits the uncertainly surrounding the club has been damaging, although that does not change his plans for the South Coast side.
He admits Paul Hart needs to strength in January and that retaining their top-flight status come the end of the season is vital.
"There has been far too much uncertainty surrounding the club," he said.
"Obviously staying in the Premier League is the main priority, but there are other issues that must be addressed. One of them will be funding to strengthen in January.
"Money will be made available, but based on the assessment of the playing staff by Paul Hart and Avram Grant it's likely we'll only bring in three or four players in key areas."
