Saudi property tycoon Ali Al-Faraj completed his takeover of Portsmouth on Monday night. Al-Faraj has a personal holding in petrochemical giant Saudi Basic Industries Corp (SABIC).Under the deal the UAE's Sulaiman Al Fahim sold 90% of his shares in the club to Falcondrone Limited, a company owned by Al-Faraj.
A statement on the Portsmouth website said: "The takeover will ensure Portsmouth's future is safe and will bring financial stability."
"Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday," it continued.
Al-Faraj and Al Fahim had been meeting in London with a deal finally being agreed Monday evening.
Al Fahim Asia Associates Ltd (AAA) owned by Al-Fahim, will retain a stake of 10 percent at least until the end of the 2010/11 season, the statement further noted.
The swiftness of the takeover was due to Al-Faraj having reportedly 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.
On that occasion Al-Faraj missed out when then owner Alexandre Gaydamak opted to sell his majority shareholding to Al Fahim Asia Associates Ltd.
Peter Storrie, Portsmouth chief executive revealed only last weekend that "there was no money left" and that the club’s players had not been paid.For all the latest sports news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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