Al Fahim resigns in Pompey boardroom bust-up

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RESIGNATION LETTER: from Sulaiman Al Fahim.

RESIGNATION LETTER: from Sulaiman Al Fahim.

 

Sulaiman Al Fahim has resigned as chairman of Portsmouth [ click here to read the full resignation letter ] , as the Premier League club battles for financial survival.

 

Al Fahim sent the club a resignation letter earlier on Monday.

 

In the letter, he wrote that he had not been made aware of the club’s financial situation despite repeated requests.

 

The letter from Al Fahim states that he was "ignored” by board members as he tried to ascertain the true state of the club's finances. "Discussions between board members were taking place on a daily basis and I was not being invited to participate," he says in the letter.

 

Portsmouth will return to the High Court to defend a winding up order from the Inland Revenue on March 1. It faces debts of over $50m.

 

Al Fahim took control of the club in July last year but 42 days later sold 90 percent of the shares to Saudi businessman Ali Al Faraj. He stayed on as chairman with a 10 percent stake.

 

Earlier this month, Hong Kong businessman Balram Chainrai became the club’s fifth owner in eight months.

 

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Posted by: Mohammed

Again it can be seen that our (Arab) money is not welcome abroad, and every move to support the club financially by the Chairman is met with opposition. I hope in future fellow Arabs will think to invest closer to home where it might be more appreciated.

Posted by: Brit happy to be here

Sir, might I suggest you get your PR person to look at your posts, before you hit the button.

Posted by: Leo

Its incredible that on one main news website it says that the portsmouth board is unaware of what Fahim's plans are and then a few thousand miles away, the chairman resigns..Looks like all these technological developments have not made this place a smaller place after all...!! I dont know whether Portsmouth should be happy about this or not. All I care is that this wonderful club, with its great fans stays afloat in the PL... A Prayer from a Gooner!

Posted by: Kaptain

@Brit Happy... Accepted Due diligence is quite a phenomenon survival.. But that is just in the books where numbers are kept straight..while on the other side where workers and employees matter, those grey areas could be blacked out with illegal internal precipitous unions which might be working against the higher ups. Some management issue should be researched here in this case by University students. Indeed some drama has happened around this case which imploded..

Posted by: Brit happy to be here

@Kaptain - if a Chairman doesn't know what is going on in the businesses which he oversees, then he has no business being the chairman. Due diligence - ever heard of it - Mr. Al Fahim would surely have been made fully aware of the company's position before he bought it, and subsequently sold it. Part of being a chairman means the buck stops there.

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