Source: Daily_Mail
Farce as Portsmouth's ‘saviour’ Ali Al Faraj admits he's 'no billionaire'
Portsmouth's season descended further into farce last night after claims that new owner Ali Al Faraj is only at Fratton Park to make a fast buck. [LNB]In an interview with a Saudi Arabian newspaper, the property tycoon reportedly admitted he is 'no billionaire' and could keep the club for as little as six months.[LNB] Portsmouth insist that the story in well-established publication Asharq al-Awsat was fabricated, but the episode is sure to ring alarm bells with their fans. [LNB] Uncertain future: Kevin-Prince Boateng (right) and other Portsmouth players could face further turmoil if Ali Al Faraj turns out not to be as rich as first thought[LNB]It alleged that Al Faraj had to borrow the £5million to pay players' wages earlier this month to bail out former owner Sulaiman Al Fahim when funds dried up and that he has absolutely no interest in football. [LNB]The funds were also said to be lent to Al Faraj not with personal guarantees, but on the basis of Portsmouth's annual revenue from TV coverage, the club's real estate income and other assets. [LNB]It also claimed that Al Faraj is looking for new investors - from Europe or the Middle East - to steer Portsmouth to financial stability before selling on at a profit at some point after six months in charge. [LNB]Club officials were astonished by the alleged interview, which countered everything they have been told in meetings with the investor. Al Faraj has passed the Premier League's fit and proper persons test but still very little is known about him. [LNB]Mysterious: Pompey owner Ali Al Faraj[LNB]He has demonstrated that he is allowed to own a company, has no history of insolvency, has not been convicted for theft or fraud and is not involved with another club.[LNB] What has been established about Al Faraj, 40, is that he is married with two children and comes from a family of eight brothers and two sisters. One of those brothers, Ahmed, is understood to be part of Falcondrone Limited, which has obtained a 90 per cent stake in the club. [LNB]Al Faraj's occupation between 1990 and 2005 is listed as personal manager for Riyadh company Saudi Uniform Manufacture. Next came property investment company Easyway Limited, with interests in Saudi Arabia and the United Kingdom. [LNB]Supporters, expecting manager Paul Hart to be given substantial funds to spend in the January transfer window, will be left reeling by the new uncertainty. [LNB]Previous owner Al Fahim was billed as the club's saviour when he bought the club from Sacha Gaydamak at the end of the summer. He promised a bright future and even when the bills for wages, agents and the taxman went unpaid, he insisted a £50m cash injection would come.[LNB] Bad start: Portsmouth lost seven of their first eight games this season butrecently recorded their first Premier League win over Wolves atMolineux (above)[LNB] It didn't and chief executive Peter Storrie - this week charged with tax evasion, which he denies - brought Al Faraj back to the negotiating table after his interest in the summer had been rebuffed.[LNB] Portsmouth were thought to have come within days of becoming the first Premier League side ever to go into administration after Al Fahim's disastrous takeover. [LNB]On the pitch, things have gone badly, too, as Hart steered his side to the worst start to a season in their 111-year history. [LNB]Portsmouth lost seven of their first eight games and, even though they have since recorded their first win, they still prop up the Barclays Premier League table. [LNB]Hart, responding to news of Storrie's charge over a transfer deal, said: 'The football club is going through a difficult period. That's there for everybody to see. I believe we can get through this together. [LNB] Mediator: Pompey chief executive Peter Storrie began takeover talks with Al Faraj[LNB]'We might not have seen the tip of it yet. It might be harder but we just have to stick together, put our heads above the parapet and wear our tin helmets. I've been in football a long time. I've not seen it and done it all and I'm not trying to be clever, but nothing surprises me.' [LNB]Hart knows his side also face a fight on the pitch in the coming weeks. Their next three league matches are against Hull, Wigan and Blackburn - teams they must beat. [LNB]He said: 'Outside the top four, that "beautiful game" syndrome we all talk about is a myth. It's just a war and the next four games probably won't disappoint on that basis.'[LNB] Portsmouth chief executive Storrie vows to clear his name after tax charge Spurs boss Harry Redknapp targets £6m City slicker Michael Johnson PORTSMOUTH FC
