Source: Eurosport
Portsmouth owner Al-Fahim to sell part of stake
Portsmouth soccer club's new owner Sulaiman al-Fahim said on Sunday he is in talks to sell a stake to Saudi Arabian investors to help inject more cash into the troubled English Premier League strugglers.[LNB] Speaking to Reuters, Fahim said he would be flying to London on Monday to finalise the deal this week.[LNB] "I decided to have two owners for the club for its sustainability," Fahim said. "I don't know how much of a stake (I will sell)... We have to agree on the terms ... first."[LNB] The Observer newspaper quoted Fahim earlier on Sunday saying a deal would be concluded with Saudi businessman Ali al-Faraj, a property investor with a personal holding in petrochemical giant Saudi Basic Industries Corp (SABIC).[LNB] Speaking from Dubai, Al-Fahim told the paper: "I think by Monday or Tuesday he will be on board. His consortium will be a major shareholder. And I will keep a minority."[LNB] The United Arab Emirates businessman said the consortium involved Ali and Ahmed al-Faraj and the deal was being coordinated by the club's chief executive Peter Storrie.[LNB] Fahim is recovering from a kidney stones operation on Friday, which meant he had to postpone a meeting with the consortium scheduled for Sunday in London, the paper said.[LNB] "Due to my situation I will need rest and meet them on Monday," Fahim said.[LNB] Portsmouth's precarious financial position was underlined on Thursday when the league's bottom club announced the first-team squad and executive board had not been paid.[LNB] PROTRACTED TAKEOVER[LNB] Problems have arisen due to delays in refinancing the club by Al-Fahim, who completed his protracted takeover in August.[LNB] Last week the owner said he planned to inject 50 million pounds into the south coast club to stabilise their financial position.[LNB] "The injection of 50 million pounds will start in the third week of October," Fahim told Reuters.[LNB] Asked by the Observer if he would still be chairman after the takeover, Al-Fahim said: "I have no idea who from the team will join the board. Next Tuesday we will have a clear picture.[LNB] "I am there for the long term and it is good to have a few partners so if one decides to leave the other can buy more shares and the club is always safe. Therefore, I will be ready to invest more."[LNB] Portsmouth won their first match of the new season on Saturday, beating Wolverhampton Wanderers 1-0, but remain stranded at the bottom of the league.[LNB] (Writing by Ken Ferris and John Irish; editing by Tony Jimenez, John Stonestreet)
