OFFICIAL: Saudi Billionaire Ali Al Faraj Completes Portsmouth Takeover
Billionaire Saudi Arabian businessman Ali Al Faraj has completed his takeover of Portsmouth.
The club’s official website confirms in an official statement that Sulaiman Al Fahim, who took control of the Blues in July, has sold 90 per cent of the club to Al Faraj.
Al Fahim will retain 10 per cent of the club and will remain on the board until at least the end of the 2010-11 season.
Al Faraj will join the board along with his associate, Mark Jacob, and Peter Storrie will retain his post as chief executive officer.
The 40-year-old Al Faraj 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.
“Once the takeover is complete 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.”