Source: Daily_Mail
Pompey chairman Al Fahim quits and gives away shares to fans' group
Exit: Sulaiman Al Fahim[LNB]Sulaiman Al Fahim has resigned as Portsmouth's non-executive chairman and is prepared to give away his 10 per cent stake in the club to supporters.[LNB]The Dubai-born businessman penned an angry resignation letter to the Pompey board claiming he was sidelined and did not have enough information to approve a legal document on the club's finances.[LNB]Fahim agreed to buy Portsmouth from Alexandre Gaydamak in the summer, only to sell on 90 per cent of his stake to Ali Al Faraj in October after finding difficulties in raising cash.[LNB]Pompey, rooted to the bottom of the Barclays Premier League, are thought to have debts exceeding £60million and face a court hearing next week that could put them into liquidation over a disputed tax bill.[LNB]Read Al Fahim's resignation letter (pdf document)The club had to produce a 'statement of affairs' detailing their finances ahead of their High Court hearing. Al Fahim says he was presented with it on February 15, three days before it was delivered to court, but insists he is unable to put his name to it.[LNB]'I am unable to comment on this draft statement of affairs because I have not had, and still do not have, the necessary financial information available to me in order to do so,' said Al Fahim in his resignation letter, revealed by Arabianbusiness.com.[LNB] Beleaguered: Portsmouth players (from left) Jamie O'Hara, Ricardo Rocha, Hermann Hreidarsson and David James endure more disappointment at the weekend[LNB]'I can neither provide my express nor my tacit approval of thestatement of affairs or the report to be submitted by the Englishcourts by the company.[LNB]'Accordingly, I regrettably have to resign as a director of the company with immediate effect.'[LNB]Hong Kong businessman Balram Chainrai recently became the club'sfourth owner in less than a year and will soon look to sell on to afifth.[LNB]Al Fahim admitted on Sunday that he was weighing up whether to sever ties or invest more funds with the south coast club.[LNB]And on Monday, Colin Farmery, of the Portsmouth Supporters Trust, told local newspaper The News: 'I spoke to him just before 9 this morning. He's going to resign and intends to pass on his 10 per cent stake of the club to the supporters trust.[LNB]'I think he's looking to be involved as a fan. I think clearly Mr Al Fahim's decision relates on his part to a lot of frustration in terms of what has gone on at Fratton Park over the last few months.[LNB]'I can fully understand why he would want to resign. I think we are all waiting and keeping our fingers crossed that a new owner will be the real deal.'[LNB] Misery: Robert Huth heads the equaliser to set up Stoke's win at Portsmouth on Saturday[LNB]Farmery revealed there had been talks since November over the trusttaking on Al Fahim's shareholding, but said a deal had not yet beendecided.[LNB]'At the moment nothing is signed, sealed and delivered,' he said.'This is very much something that is still in negotiation andultimately will be somethng that the Trust will need to make a decisionon.[LNB]Negotiations: Peter Storrie[LNB]'Clearly a 10 per cent stake in a football club has got to have some significance andas a Trust our remit is to act in the best interests of the club.'[LNB]The club's chief executive Peter Storrie is waiting to receive proofof funds from a South African consortium ahead of the club being soldyet again.[LNB]'It's a very simple, straightforward position,' said Storrie. 'Asfar as general negotiations are concerned that's about complete. It isnow all about proof of funds. If proof of funds can come through bonafide banks then (current owner) Balram Chainrai is in London and isprepared to push ahead and get the deal done.[LNB]'We've gone through too many things over the last year, people thathave come in who have said they have the funds to take the clubforward, when they haven't.[LNB]'To be fair to them they have provided proof of funds through alawyer, but we need to see it from a bank. We need to see it, thePremier League need to seeit, everyone needs to see it.' [LNB] Revealed: Sulaiman Al Fahim blasts Portsmouth board in explosive resignation letter Sunderland boss Bruce targets £3.5m Portsmouth defender Marc Wilson Referees are against us! Angry Avram hits out at Premier League officialsPractice pays off for Huth as defender makes amends for disallowed goalPortsmouth fans turn on Storrie: Chief executive suffers 'serious threats'PORTSMOUTH FC
