Source: Telegraph
Ali alFaraj takeover to rescue Portsmouth from immediate threat of administration
Owner Sulaiman Al-Fahim has revealed he is on the verge of completing a deal to sell the majority of his stake in the club to Faraj. [LNB]The club's financial future had looked bleak without a further injection of funds after it was revealed the Premier League has the power to step in and redirect money drawn from television rights to key creditors, including other teams owed money from transfers and Revenue and Customs (HMRC).[LNB] Related ArticlesPortsmouth's owner offered way outHarry Redknapp dismisses 'crazy rumours'Portsmouth owner Al Fahim in hospitalPortsmouth need 'Killem's' fighting spiritWolves v Portsmouth: match previewComplete TV guideBut Fahim was on Saturday night quoted as saying: 'I think by Monday or Tuesday he [Faraj] will be on the board. His consortium will be a major shareholder. And I will keep a minority.'[LNB]Faraj, has already provided a £5 million loan to pay Portsmouth's September wage bill, and manager Paul Hart, after watching his side end their run of seven consecutive defeats with a 1-0 win over Wolves, confirmed on Saturday that the club were expecting 'new investment' by the end of this week. [LNB]Portsmouth's players are expected to be paid on Monday after the club initially failed to meet its £1.8 million monthly wage bill. The club also owe two agents, Pini Zahavi and Jonathan Barnett, around £3 million for their roles in the transfers of Glen Johnson to Liverpool and Peter Crouch to Tottenham, and remain in arrears to HMRC.[LNB]That had given rise to fears of the tax authorities issuing a statutory demand which, if not met, could lead to a bankruptcy petition being filed at the High Court or the Premier League distributing funds from the domestic or international broadcasting deals. [LNB]Sources admit that while the Premier League will do what they can to help the club avoid going to the wall, they have little recourse if the club falls into administration. [LNB]Portsmouth's chief executive, Peter Storrie, had admitted he did not know what would happen if £16.5 million of the £50 million promised by Fahim did not arrive before the end of this month.[LNB]EmailPrint .at15t_email {display:none !important;}Share|tweetmeme_url = 'http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/6258125/Ali-al-Faraj-to-rescue-Portsmouth-from-immediate-threat-of-administration.html';tweetmeme_style = 'compact';tweetmeme_source = 'TelegraphNews';Email|Printhttp://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/6258125/Ali-al-Faraj-to-rescue-Portsmouth-from-immediate-threat-of-administration.htmlTelegraphNews Portsmouth
