Portsmouth confirmed last
night that Saudi businessman Ali Al-Faraj has completed his
takeover of the club.
Former owner Sulaiman Al-Fahim sold 90 per cent of the shares in
Portsmouth to Falcondrone
Limited, a company owned by Al-Faraj, freeing up funds to pay
players and executives.
A statement on Portsmouth's
official website said: "The takeover will ensure Portsmouth Football Club's future is safe and will
bring financial stability."
Al-Fahim Asia Associates Ltd (AAA), owned by Al-Fahim, retains a
10 per cent share in the club.
Al-Fahim himself will remain as non-executive chairman until at
least the end of next season, while Peter Storrie will continue in
his role as chief executive.
Al-Faraj, 40, who will be joined on the board by his associate
Mark Jacob, has already passed the Premier
League's fit and proper person test following his
involvement in the consortium that attempted to buy the club in
late August.
Jacob told Sky Sports News on Monday night: "He's
absolutely delighted and looking forward to working with the team
and the players.
"He is a huge supporter of the English Premiership and he's delighted to get
involved.
"I anticipate the players will get their salaries tomorrow."