Sulaiman al-Fahim to pump £50m into Portsmouth

Owner says injection will stabilise club's finances, allowing it to move forward.
Sulaiman al-Fahim to pump £50m into Portsmouth
By Martin Morris
Sat 26 Sep 2009 11:02 PM

Portsmouth’s UAE-based owner, Sulaiman al-Fahim, has pledged to inject £50 million into the Premier League club within the next month as it looks to stabilise its finances and move forward.At a meeting with fans on Friday night al-Fahim also gave his backing to under fire manager Paul Hart.

Al Fahim attended the meeting as rumours circulated that the club was about to go into administration.

"As I sit here with you, these reports and rumours are factually incorrect. The continued rumours are also deeply misleading and damaging to the club's interests to the point where they are threatening to undermine the viability of the club and are damaging my efforts to secure financial stability.

''I can assure you that there is a plan in place backed by firm commitments that will bring £50 million into the club over the next three to four weeks. A large team of people is working on these arrangements as I speak. The credit facilities are backed by stand-by letters of credit from international institutions," the Guardian reported.

While the club has substantially eased its debt problems following player sales in the summer, including Peter Crouch, Glen Johnson and Niko Kranjcar, more work clearly needs to be done.

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