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!