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New owners for Pompey...again!

New owners for Pompey...again!

The 'reports' that we could be set for investment from the Faraj brothers, or even the complete takeover of the Saudi's from SAF has grown and grown - none more so in light of the latest financial developments towards the end of the week, with it seeming as though the Faraj's bailed us out.

According to The News on Saturday evening the brothers had agreed a deal with SAF that will see them take over this week, having already passed the 'fit and proper test', although SAF will retain a 10% stake in the club and keep an 'non-executive chairman' role.

The Mirror has Peter Storrie quoted as telling them: 'it was imperative that something had to be done to safeguard the future of this club.

'Portsmouth were completely skint and when it appeared funding from Sulaiman Al Fahim wouldn't arrive in time to stop the club from being put into a perilous situation we had to do something.

'Financial director Tanya Robins and I have worked round the clock to put this deal together.

'It's important to point out that this wasn't about any individual or consortium, it was about saving this club from going out of business.

'After prolonged talks with Ali Al-Faraj we eventually came to a solution and subject to all the legal issues being sorted out, I am confident the deal should go through early next week.

'I must say that for all the criticism he has faced, Sulaiman Al Fahim has been very supportive and realised that there was no other alternative.'

Until we know a deal is done, it is officially announced and we see some actions follow words that will inevitably be given - assuming this goes through - we never know what is what, although things seem a lot more positive at least, right?

SAF, himself being quoted in The Observer - with what they say is an exclusive - feels this will be done early this week, maybe tomorrow: 'I think by Monday or Tuesday he will be on the board. His consortium will be a major shareholder. And I will keep a minority.

'Due to my situation I will need rest and meet them on Monday. My lawyers are in discussion with the consortium lawyers.'

SAF also said that he will still give the club 'access to my new funding which will be ready in a few weeks - the £50m announced,' but also intends to stay on the board and continue to invest money and attend games, as he had become a fan.

What I would say, again assuming SAF finally does move aside - saying finally seems odd, given he has only 'officially' been our owner for around a month - or at least in majority terms lets just keep our criticism of him in check.

Yep the guy has been a plonker, or come across as one at times - although I think others have helped him look more like this at times - and does little to help himself but the most important thing that I think we must remember is he is not the one that got us into the mess we are in, his failings are thinking running a club was 'easy' when it was not and finding himself getting dragged in deeper and deeper, without the ability to find a solution to problems. We can blame him for not getting us out of this mess, but lets not blame him for others people's faults!

Although, whatever, lets just hope we can really start focusing on the future now and see this an easier one and of course that brighter one we had been hoping for...

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Sunday October 4 2009
Time: 8:51AM

Comments

0
Oh Happy Days! Maybe just maybe we are turning the corner and our bleak outlook can now be be filled with sunshine!
pompeymac
04/10/2009 09:11:00
0
It's great news for the club infrastructure, we can do nothing about the team until January though we can now afford an assistant manager, a manager and the role I suspect Hart might "climb to" fairly soon- director of football. Ali AlF is worth a cash cool 700 mill and can finance that, and more, as he has property and share in the Saudi state oil company. Whisper it quietly but we could be looking at new stadium and training ground quite quickly; we could about to be - in the MONEY! Hope SAF gets well soon, It seems he is still going to put money in and the deal couldn't have been done without him.
russellm
04/10/2009 09:31:00
0
Three battling finally on the board, players wages sorted, and now this! Dare we say hats off again to Mr Storrie?
Tantona
04/10/2009 09:32:00
0
Finally I hope the AALF consortium are succesfull in their £30 million pursuit of Gaydamak Snr; wouldn't that be Pompey to get that money as investment.
russellm
04/10/2009 09:36:00
0
Just waking up to all this .. Haven't we been here before ?? ... Fingers crossed not another false dawn..
Chix
04/10/2009 09:55:00
0
Well, I woke up to this, this morning, but in all truth, I had predicted that something this would happen a short while back. I thought These brothers would be still in the picture. It does make me wonder if it is not all a scam to get the club out of Gaydamaks hands. If you think about it, didn’t SAF head up the City takeover initially, only for it to be Nahem Bros...I wonder if this could be a similar type of thing. What does worry me is that ...well....was'nt there a flurry of bets on droopy draws leaving Spuds, and a rumour he was coming back to his "Spiritual Home"...to coin a phrase .. what Spirtual Home?!!! "TOSH!!!" ..Spitual Home..Pah!..his in the bank. Any way…it looks as if it might all end up OK…and we Won. We have had a penalty given against us that wasn’t a pen, and one denied yesterday that was… one daw lost, and one avoided, that makes it 1 point to profit, by my calculations.
plymouth graham
04/10/2009 10:16:00
0
There is also the Gaydamak Snr malign influence to be considered. I need to correct the comment about AALF above, he is a shareholder in the Saudi state chemical and mineral company SABIC, which as you all know does not trade in oil.
russellm
04/10/2009 10:17:00
0
Here's hoping, and a message to all you uncounted chickens out there: "Leave me alone, cos I ain't counting you till all this is over"!!
BarneyArmy
04/10/2009 10:26:00
0
Graham, Rug and I checked some while back and for what it means SAF hasn't kept a controlling interest in any of his aqusitions for more than 3 years; long term isn't his thing. So your hunch was probably right.
russellm
04/10/2009 10:32:00
0
Cue everyone getting excited about a ridiculous flurry of money. It's not going to happen, anyone which poured silly money into this club at the moment would need their brain examining. We need to get the 'infrastructure' ;-) sorted first. I was listening to Radio 5 earlier this morning and they were talking to Al Fahim's 'spokesman' who was denying all knowledge of a deal going through and was making out that Al Fahim was ploughing on. What surprises me is Al Fahim is supposed to be the 4th most influential Arabian accoring to Arabian Business magazine, which makes me think that the comment above on all of this being a front for the Al Faraj seem more realistic. Maybe he had to make everything at the club seem terrible to try and remove Gaydamak's influence (he supposedly can veto a takeover still?!)
stooH
04/10/2009 10:43:00
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