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Ali Al-Faraj completes his 90% takeover

Ali Al-Faraj completes his 90% takeover

It is done, and was done last night as had been 'reported' by sky sports news, Ali Al-Faraj has completed his 90% purchase of Pompey through Falcondrone Limited - a company he owns - from SAF.

Finally lets just hope that this now brings us the opportunity for that stability we already thought we would have and can also enable us to develop the areas we have so been hoping we could for so long!

A statement was released on The Pompey Site late last night which, reads as follows...

PORTSMOUTH FOOTBALL CLUB STATEMENT

Sulaiman Al Fahim, the owner of Portsmouth Football Club, has sold the majority - 90 per cent - of the club to Falcondrone Limited, a company owned by Saudi Arabian businessman Mr Ali Al Faraj.

Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday.

Al Fahim Asia Associates, owned by Sulaiman Al Fahim, will retain 10 per cent of the club and he remains as non-executive chairman until at least the end of the 2010/11 season.
Ali Al Faraj will join the club's board of directors along with his associate, Mark Jacob.

Peter Storrie will remain chief executive officer.

Mr Al Faraj, 40, from Riyadh, Saudi Arabia, is a respected property investor in the Middle East and has already passed the Premier League's fit and proper persons test.

A Pompey spokesman said: "The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability.

"The club will undergo refinancing in order to grow and develop every part of the business.

"Mr Al Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Tuesday October 6 2009
Time: 7:39AM

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Comments

0
Can we move on now?
paultsmouth
06/10/2009 07:42:00
0
Oh Happy Day! Our club is saved - and now we can get on with saving our season. Thank you Mr Storrie!
tracyc
06/10/2009 07:42:00
0
finally we have the stability we wanted - i hope!

lets now 100%, no two ways about it focus purely on the football and drag ourselves out on this mess without having to worry about others things - january will take care of itself but lets not get too carried away. between now and then seeing some work start on the training ground and redevelopment of fratton would do me fine...
pompeyrug
06/10/2009 07:50:00
0
PL security, clearing the debt and training ground must be the first priorities. To early to pass judgement on Hart; 1 win doesn't mean he's great and as he managed a 4,4 2 formation so he gets another two games from me. Then the short term soloution of redeveloping FP would be good.
russellm
06/10/2009 08:28:00
0
Let the good tmes roll! At last we can hopefully stop the soap opera that our club has become. And maybe, just maybe, we can stop talking about new training grounds and stadiums and actually build them. Stability please!
putneypfc
06/10/2009 08:35:00
0
And pay the wages of the remaining players and staff that have not yet been paid. It is a fact that most have been paid but presumably not the high earners.

Better sort out the taxman too.
eastneydave
06/10/2009 09:29:00
0
As, like Al Fahim, Al Faraj is a property developer I hope that his no.1 priority is the football club and team. I hope it's not a case of an eye on the potential for future profits from the development of FP and it's environs. What does AF2 know about Pompey? If he was that keen on us why didn't he make an approach when Gay first put us up for sale? No doubt we'll hear all the right platitudes but the January window will be his first test - will he invest in the team as well as the property?
PFCblue
06/10/2009 09:31:00
0
At long last! Hopefully now we can put these dark few months behind us and start building for a brighter future on and off the field! I dont want to become a Man City just security and Prem stability would do me. Happy days I hope but being a Pompey fan I am ever the sceptic!
pompeymac
06/10/2009 09:55:00
0
Of course we're all skeptical after what we've been through the last few months, I really hope this is the start of a new era when things get done instead of being talked about. Don't know how much money there will be, but I'm believing that at the very least the club is solvent now. And I'm hoping that the nightmare will be over.
tracyc
06/10/2009 10:00:00
0
Take a bow Peter Storrie
Pompeyscum
06/10/2009 10:25:00
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