Portsmouth FC secures new finance from bankers

Portsmouth’s new owners have completed a re-financing of the club through international institutions, which will bring it much needed stability.

The club’s chairman Sulaiman Al Fahim and representatives of the owner Ali Al Faraj met this weekend to finalise the new arrangements, which will see the club clear its debts – and as a result have a ban of transfers lifted by the Premier League.

“The money is being secured against future television income, and will be used not just to clear debts to fund the acquisition of new players,” Al Fahim said.

Al Fahim has also, it is understood, been given an option to raise his shareholding from the current 10 percent - having sold 90 percent of the shares last month to Al Faraj.

“They want me to play a wider role in developing the club, so it is something I am considering. I have always said I will be interested in increasing my shareholding because I believe in the future of the club, so will see.

"But that is secondary. What is important is we now have the financial stability needed to move forward.”

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READERS' COMMENTS

Portsmouth FC Financing
Posted by Goateron, Southampton, UK on Sunday 15 November 2009 at 23:50 UAE time


So 'The funds have been secured against future television income'. Interesting as the £10m coming in January is already earmarked to pay club debts. The bookmakers expect the club to be relegated - if so, the TV income in the Championship is in the region of £2m per year. Surely no-one would lend money against future TV revenue.

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