Source: Telegraph
Portsmouth face uncertain Premier League future
The Arab property magnate, who passed the Premier League's fit and proper persons test to be appointed chairman before the deal was complete in a bid to release funds, remains adamant he is the sole owner of Al-Fahim Asia Investments, the vehicle being used for the takeover, but has not yet provided the Premier League with proof of funds. He has, though, appointed Paul Hart as manager on a two-year contract, despite interviewing the former Inter Milan manager Roberto Mancini for the post.
Sources at Soho Square admit the paperwork, when and if it arrives, will be scrutinised carefully to check the provenance of the funds being used amid concern over the reason for the delays. According to league rules, anyone with more than a 10 per cent stake would have to be named publicly, while any investor providing 30 per cent of the funds would be subject to the fit and proper persons test.
With the start of the Premier League season less than two weeks away, Portsmouth remain under the ownership of Alexandre Gaydamak, who placed the club on the market officially in December but had been searching for investment for almost a year previously. They are thought to owe around £36 million in loans to South Africa's Standard Bank, who are not believed to have reached a deal to make that debt an obligation of Al-Fahim's group.
One tranche of payment on that loan is due at the end of the month, with a second scheduled for September. Portsmouth have raised £77 million in the last year alone thanks to player sales, securing their immediate financial future but weakening their squad considerably.
Lassana Diarra, Sulley Muntari, Glen Johnson, Jermain Defoe, Pedro Mendes and, most recently, Peter Crouch have all been sold, while Sol Campbell, Noe Pamarot, Lauren, Glen Little, Richard Duffy, Jerome Thomas, Djimi Traore and Sean Davis have all been released. In their stead, only Aaron Mokoena, on a free transfer from Blackburn, and Nadir Belhadj, a £4 million signing from Lens, have arrived.
