Al-Fahim expects Portsmouth takeover bid

Portsmouth owner Sulaiman Al-Fahim expects Saudi property tycoon Ali Al-Faraj to officially launch his bid to buy a majority stake in the Premier League club on Monday.

Al-Fahim, who only took over the club himself in August, has made it clear he is willing to relinquish full ownership of the club if Al-Faraj tables a suitable offer and the two parties have dispatched lawyers to discuss the deal.

Ivo Gabara, a spokesman for Al-Fahim, said: “Sulaiman’s lawyers are engaged in talks with lawyers for Al-Faraj. He expects an offer to be made today (Monday).

“In the best interests of the club he is willing to forego full ownership and if or when an offer is on the table, it will be considered on its merits.”

Al-Fahim has been attempting to refinance the club after banks demanded the television receipts and profits from the last transfer window.

Portsmouth chief executive Pete Storrie revealed last weekend “there is no money left” and that 30 percent of the 50 million pounds package Al-Fahim had pledged to raise is due by mid-October.

Al-Faraj is reported to have been involved in a consortium brought together by Storrie that was beaten by Al-Fahim to the initial takeover.

Storrie brought Al-Faraj back to the table when doubts began to grow that Al-Fahim would be able to raise the required funding in time. Al-Faraj is reported to have supplied the five million pounds bridging loan needed last week to pay the wages of club staff.

Storrie said: “It was imperative that something had to be done to safeguard the future of this club.

“Portsmouth were completely skint and when it appeared funding from Sulaiman Al-Fahim wouldn’t arrive in time to stop the club from being put into a perilous situation we had to do something.

“After prolonged talks with Ali-Al-Faraj we eventually came to a solution.”

Portsmouth are bottom of the Premier League after losing their opening seven matches – the worst start by an English top-flight club for 79 years – but they did get their first victory at Wolverhampton on Saturday as Hassan Yebda’s goal sealed a 1-0 win.