Source: Telegraph
Portsmouth's future in doubt again as Ali Al Faraj admits he's after quick profit
The news will be met with resignation on the south coast after the club appeared to be steadying itself after a turbulent couple of months both on and off the pitch. [LNB]Al Faraj, the club's third foreign owner this year, looked to be Portsmouth's financial savour after he bought out Sulaiman Al Fahim earlier this month. [LNB] Related ArticlesHull City v Portsmouth: match previewPeter Storrie faces charge over Faye dealJermain Defoe sent off in Fratton Park returnPortsmouth 1 Tottenham 2Premier League tablePremier League fixturesWith manager Paul Hart promised money to invest in his struggling squad in January, and Portsmouth claiming their first league victory of the season, things appeared to be improving at Fratton Park. [LNB]However, according to the Mirror, Al Faraj has admitted that he had to borrow around £5 million to pay outstanding wages to the players and is looking for further investors in a project he is unable or unwilling to take on solely. [LNB]'Our plan is to stay at the club for a period of not less than six months, until the club stands again, benefiting the club as well as us,' said Al Faraj. [LNB]'This is based on the fact that purchasing the club was purely investment and in the future we may sell it if we get additional gains. [LNB]'It's not a secret to hide, we are investors and we have no relationship to sports, but at the same time we have an integrated team of legal and technical advisers. [LNB]'All are working at the club as executives and planners for more than five years and they know all the details and reasoning. This is natural in the business world.'[LNB]'We did not have the £5 million pounds (to pay the wages) but we agreed with three banks to finance the acquisition. [LNB]'They approved it based on the club financial guarantees we provided, such as annual revenue from TV coverage, the income of the club real estate and other assets. [LNB]'We did not we give these banks any personal guarantee.'[LNB]Al Faraj went on to reveal that he had his doubts about buying Portsmouth until his legal adviser, Mark Jacob, told him he could make money out of the deal. [LNB]'The British friend of my brother Ahmed had convinced me that the possibility of investing in the club is very large and all they have to do is to cover the club's debts, and the gains will be in the short term.'[LNB]
