Hard-up Pompey set for takeover lifeline: report

Hard-up Portsmouth are set for a major financial boost after the club’s majority shareholder Sulaiman al-Fahim entered negotiations to sell his stake in the club, according to reports.

Al-Fahim is to meet with a consortium led by Saudi property tycoon Ali al-Faraj on Monday, according to The Observer on Sunday.

Al-Faraj is reported to have supplied the five million pounds bridging loan needed this week to pay the wages of club staff and looks set to buy out the majority of Al-Fahim’s stake within a matter of days.

Al-Fahim told The Observer: “I think by Monday or Tuesday (Al-Faraj) will be on the board. His consortium will be a major shareholder. And I will keep a minority.”

Portsmouth chief executive Peter Storrie has been key to bringing in the investment from Al-Faraj, and told the Sunday Mirror: “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 and subject to all the legal issues being sorted out, I am confident the deal should go through early next week.”

Al-Fahim’s takeover of Pompey was only completed in late August. It had looked then as though a consortium brought together by Storrie would buy out majority shareholder Alexandre Gaydamak instead, but Al-Fahim’s company Al-Fahim Asia Associates Ltd (AAA) managed to conclude a deal first.

The news of a possible new buy-out provides a new twist to a turbulent period at Fratton Park. Matters do at least appear to be improving on the pitch, where Paul Hart’s side ended a run of seven straight Premier League defeats by beating Wolves 1-0 at Molineux on Saturday.