Play up Pompey: UAE businessman Dr Sulaiman Al Fahim has
agreed a deal to buy Portsmouth FC
Portsmouth,
whose lavish spending almost put them out of business, were sold to
outspoken billionaire businessman Dr Sulaiman Al Fahim yesterday
following two days of talks in Rome before the Champions League
final.
The negotiations were carried out by Portsmouth chief executive
Peter Storrie, agent Pini Zahavi and another major football fixer,
Pairoj Piempongsant - the Thai businessman who brokered the deal
that saw Thaksin Shinawatra sell
Manchester
City to the Abu Dhabi United Group.
The setting was the top-floor open-air bar of the Sofitel hotel
overlooking the Eternal City. Storrie returned to the UK yesterday
morning after a sizeable full breakfast without staying for the
match, his job done after a clinching takeover summit on Tuesday
night with Sulaiman.
The sale, which is now the subject of due diligence, ensures
Portsmouth will not suffer the potential ignominy of being the
first Premier League club to go into administration.
UAE property developer Sulaiman was the frontman for the Abu
Dhabi United Group after their purchase of Manchester City, whose
bold predictions included the signing of Cristiano Ronaldo, before
City owner Sheik Mansour opted for a lower profile.
Sulaiman is understood to be paying £80million for Portsmouth
through his new investment vehicle, Al Fahim Asia Associates.
Pompey had debts of around £65m with £40m owed to the South African
Standard Bank and another £25m in loans to current owner Alexandre
Gaydamak.
The agreement, just before Standard Bank were due a huge
repayment that was in danger of taking Pompey under, means a
firesale of players is averted. Instead the club will have
unexpected spending power for next season, by when it is likely
that manager Paul Hart will have been replaced.
Zahavi, who is involved in more big deals than any other agent,
was close to securing a South African buyer for Portsmouth before
Sulaiman got the taste for Premier League football ownership from
his Manchester City experience.
