Portsmouth have confirmed that Saudi Arabian businessman Ali Al-Faraj has completed his takeover of the club, with his Falcondrone Limited company purchsed 90 per cent of outgoing owner Sulaiman Al-Fahim’s shares.
Al-Faraj had initially wanted to purchase the club back in August, but then-owner Sacha Gaydamak chose to sell his majority shareholding to Al-Fahim, against the wishes of chief executive Peter Storrie.
However, with Al-Fahim until to secure the financial future of the club, Al-Faraj once more came into the picture.
With results on the field being less than impressive and the players not being paid recently, the news of the takeover will come as a welcome relief for a club that is almost completely unrecognisable from this time last year.
Joining Al-Faraj at the club will be his associate Mark Jacob.
“He [Al-Faraj] is absolutely delighted and looking forward to working with the team and the players,” said Jacob, speaking to Sky Sports.
“He is a huge supporter of the English Premiership and he’s delighted to get involved.
“I anticipate the players will get their salaries tomorrow.”
A statement released on the official Portsmout FC website said: “The takeover will ensure Portsmouth Football Club’s future is safe and will bring financial stability.”