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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."

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Writer: pompeyrug

Date:Tuesday October 6 2009

Time: 7:39AM

Your Comments

Can we move on now?

paultsmouth

Oh Happy Day! Our club is saved - and now we can get on with saving our season. Thank you Mr Storrie!

tracyc

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

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

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

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

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

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

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

Take a bow Peter Storrie

Pompeyscum

Good News at last, now back to the football.....I hope we're all signing up for the Stoke game this week !

BarneyArmy

We need to just get back to the football first of all. Strengthen the team in the Jan. window, then when we are out of trouble at the bottom of the Prem. Time to think about redevelopment or new stadium when we are stable finacially and in the Prem. The past few months have been the darkest for me in 60 years as a supporter.

barnsey

PHEWWWWWWWWWWWWW!

pentonpompey

Good few days at last -first a win, then this great news.. shame Sacha got in the way a few weeks ago-would have got a few more good players but glad it's all over now. The only way is up. Many thanks to PS for his work in getting this done -pompey legend for all his efforts

yellowcheesemonkey

Thank god! I was convinced that we would be SAFe with Fahim! Obviously years in his mind are shorter.. So much for the 5-10 year plan!

.Andrew.

It certainly sounds like this guy might have a bit of money, but everyone thought that with SAF, it's just a bit annoying that the SAF deal took so long with so many promises and nothing was really accomplished under him about from buying a load of Championship players, and getting a load of loanee's. I'm still fairly happy with the move and look forward to us moving forward with Fortress Fratton, and the training ground, and maybe adding a few more faces to the squad in January, as wel as a Assistant Manager for Paul Hart, maybe even bring Benj back.

Pompey_7

HAHA awesome i go away for a week and this happens, i should go away more often i think XD , just amazing news can't quiet believe it

pompeym@

TFFT. A bib smile on my face, now our beloved Pompey are in goods hands. (fingers crossed). Smileeeeeeeeeeeeeeeeeeeeee!!!

storagematt

an interesting article in the Independant today, like me , the repoter had spent an age searching the net for Ali al Faraj, but did not find a thing. However....I'm going to throw out a possibillity. 1. Forbes rich list. i searched and searched this site, found nowt. the Independant did the same and went on to state that "of course if he was a member of a royal family he may not be mentioned personally. this led me to point 2. although it was widely reported that he has a holding in SABIC, he is not mentioned anywhere on thier site, but what is know is that the saudi royal family own 70% of the company. point3. i was reminded that in the first bid for the club, when uncle pete was not revealing the identity of his consortium, there were several rumours circulating that it was a SAUDI PRINCE. Storrie openly said "he' from a wealthy FAMILY" at this time could it be that Ali al Faraj ( Ali son of Faraj) is the common name- not unlike Charles Windsor ( Prince Charles Duke of Cornwall) putting all these together...do we have a royal owner??? What do you think folks?

plymouth graham

good luck lads hope it works out for you!

merlin

Well, it has to be said that this is great great news for our club, obviously the most important thing now is to move on and secure forty points! i have been reading articles flat out for the last couple of days and I have to say thankyou too two people, Firstly Peter Storrie, no matter what anyone has thought in the past how can anyone stand up and qusetion his commitment to the club, without his tireless efforts, there simply wouldnt be a club now, we would be in the ***** up to our necks, probably docked points (LOL) and sent crashing into the championship...thats if the club even survived. So for me A heartfelt Thankyou to Peter Storrie! Secondly after reading many articles on Al Fahim, I would like to thank the DR, yes it seems that it was because of him that the sale did not go to Faraj in the first instance, but I think this definately had more to do with GAYDAMAK than anything else, DR has now sold his 90% share holding to FARAJ for nil, nada, nowt only making sure that the club could be invested in immediately, he seemingly has fallen in love with the club and will remain on the board but states in his interveiws that he is also a fan and a willing investor should it be required, so for me thanks AL FAHIM, I believe you have just bridged a gap that needed bridging, and I think you are now a fan. All that remains to say is lets see that 40 points, a new training ground and some movement on Horsea, Welcome Mr FARAJ...PUP

NZ_Portsmuff

rivierapaul on the news site found this on the webb about Mark jacob http://www.fuglers.co.uk/people.html ..... a right clever geezer is that paul

plymouth graham

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