Source: SKY_Sports
Pompey takeover complete
// A bit of a hack but it works// The article snippet is wrapped onto a second line, even when #article-sub is emptyif( $("div#article-sub").children().length == 0 ) {$("div#article-sub").remove();} Ali Al-Faraj has completed his takeover at Portsmouth after a company under his ownership bought a 90 per cent share in the Premier League club.[LNB] Former Pompey owner Sulaiman Al-Fahim had been holding talks with legal representatives of the Saudi-Arabian billionaire in London over the past couple of days and a deal has now been agreed.[LNB]Sky Sports News broke the story that a conclusion had been reached and Pompey have confirmed that Al-Faraj's company, Falcondrone Limited, now holds a 90% majority share in the Fratton Park club.[LNB]A statement on Portsmouth's official website said: "The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability."[LNB]Al-Fahim will keep a 10% share and a role as a non-executive chairman, while Peter Storrie will remain as chief executive officer.[LNB]DramaticThe agreement brings to an end a dramatic couple of months for Premier League strugglers Pompey, who sit bottom of the table and only recorded their first win of the season when defeating Wolves at the weekend.[LNB]Al-Fahim bought Portsmouth in August, but he failed to produce the neccesary funds to run the club and players and executives did not receive their salaries last week, while the Dubai-based businessman was also recently rushed to hospital.[LNB]He was therefore eager to sell after just six weeks and an arrangement has now been struck with Al-Faraj, although the amounts of money have not yet been revealed. [LNB]Al-Faraj had already passed the Premier League's fit and proper persons test after a failed attempt to buy Portsmouth as part of a consortium involving Storrie in the summer, which increased the speed of the takeover bid.[LNB]Former Pompey owner Sasha Gaydamak, who still owns land surrounding Fratton Park, had also given his required backing to the billionaire's impending arrival earlier on Monday.[LNB]PassionateAl-Faraj is understood to be keen to keep a low profile, but he is passionate about Portsmouth and appears prepared to invest heavily in the South Coast club.[LNB]Mark Jacob, who is Al-Faraj's lawyer, told Sky Sports News on Monday night: "He is absolutely delighted and is looking forward to working with the team, players and, more importantly, the supporters to help put Portsmouth back on the footballing map.[LNB]"He is a huge supporter of the English Premiership. He sees a great opportunity with regards to Portsmouth and is just delighted to get involved."[LNB]When asked how Al-Faraj will differ to Al-Fahim, said: "Wait and see."[LNB]Jacob also expects the club's players and executives to be paid on Tuesday, adding: "Various things are in place that have to be dealt with over the next couple of days.[LNB]"We certainly anticipate that players will get their salaries tomorrow."[LNB]
