The long-awaited takeover of Portsmouth has been completed. Sulaiman Al-Fahim, the Dubai businessman who fronted the takeover of Manchester City by Abu Dhabi investors, has announced that he has become the sole owner of the club. The deal was reached after the club announced that it had started talks with an alternative group of buyers led by chief executive Peter Storrie. Mr Al-Fahim had already passed the Premiership’s fit and proper person test. The takeover is the first since the fit and proper person test was tightend up.
The long-awaited takeover of Portsmouth has been completed. Sulaiman Al-Fahim, the Dubai businessman who fronted the takeover of Manchester City by Abu Dhabi investors, has announced that he has become the sole owner of the club. The deal was reached after the club announced that it had started talks with an alternative group of buyers led by chief executive Peter Storrie. Mr Al-Fahim had already passed the Premiership’s fit and proper person test. The takeover is the first since the fit and proper person test was tightend up. No details of the terms of the takeover have been released. The club made losses of £16.7m in the 2007-8 season on turnover of £70m and has loans of £36m. There has been what amounts to a fire sale of players in the last two transfer windows and the club has made a poor start to its Premiership season.