Sulaiman al-Fahim’s reign at Portsmouth ended with a whimper after six weeks in control, one that saw issues with Management and a financially disaster close call as the 32 year old sold 90% of the club to Saudi Arabian businessman Ali al-Faraj.

Via Guardian

Portsmouth said the deal would ensure the club’s “future is safe and will bring financial stability” amid significant debts and Fahim’s failure to pay the players. It appears no money has changed hands but that Faraj has agreed to take on Portsmouth’s liabilities, plus running costs. Asked how much the deal had cost Faraj, the 32-year-old Fahim said: “The operation of the business.”

He added: “I am happy. It was my goal to have shareholders and I have a minority [10%] and I’m still chairman for two seasons.” That will be a non-executive role which will give him no say in the day-to-day running of the club.

Fahim admitted that he had not met Faraj and did not know who the other members of the new consortium were. “I only know one of them.” Was that Mr Faraj? “Yeah, [though] I haven’t met him yet – that’s what I know in the papers.”

Nor was Fahim involved in the meeting which secured the deal: “No, no. It was his advisers and lawyers, and my lawyers.”

Faraj, a 50-year-old Saudi Arabian businessman, was said to be delighted at the buyout, after he had first attempted to buy the club in August. Portsmouth’s then owner, Sacha Gaydamak, decided to sell to Fahim but the Emirates-based businessman has swiftly agreed to hand over control to Faraj. Faraj, described by Portsmouth as a “respected property investor in the Middle East”, will join the board with his associate Mark Jacob. Portsmouth said the players would be paid today.

“He’s absolutely delighted and looking forward to working with the team and the players,” Jacob said. “He is a huge supporter of the English Premiership and he’s delighted to get involved.”

Fahim said he would attend Portsmouth’s next home game, against Tottenham, on 17 October. “I love English football. It’s the biggest entertainment in the world, the Premier League. And I will attend the Tottenham game,” he said before confirming he would still make available to the club the £50m that he is in the process of borrowing from a foreign financial institution.

“When I met the supporters [two weeks ago] I told them my main goal was to find investors who could come in and buy the club and make sure it was the for long term,” he said. “Some of my finance will be ready by the end of next week and that will be available if the new shareholders would like to use it. Otherwise I’m investing it in London – probably in property.”