Portsmouth Accepts Offer To Sell Club To Sulaiman Al-Fahim
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Value Of Portsmouth's Deal
With Al-Fahim Undisclosed |
EPL club Portsmouth officials confirmed that they have "accepted an offer" from Falcon Equity Chair Sulaiman al-Fahim to buy the club, which would make Portsmouth the second EPL club with "wealthy Middle Eastern owners," according to Tom Dart of the LONDON TIMES. The deal was "concluded on Tuesday evening in Rome, where al-Fahim was attending last night's Champions League final," and Portsmouth Exec Chair Peter Storrie carried out negotiations on behalf of Owner Alexandre Gaydamak, who reportedly was not present. Portsmouth owes an estimated US$55.8M "in bank debts," and the club has "few assets beyond their players." The value of the deal was not disclosed, but Dart notes al-Fahim was "reported to have inquired about buying Chelsea from Roman Abramovich in January as part of a consortium believed to have bid more than" US$1.1B. So it is "reasonable to assume that, if the deal goes through, he will be able to wipe out Portsmouth's debts and push forward" with stadium and training ground initiatives. The injection of new funds likely "will end speculation that key players ... will need to be sold this summer." Dart notes al-Fahim in September "brokered the takeover of Manchester City by the Abu Dhabi United Group," though he "no longer has links with the group, which would have precluded his involvement with another club" (LONDON TIMES, 5/28). In Manchester, Jamie Jackson writes, "Provided the deal goes through, it should be an eventful few months at Portsmouth, though it remains to be seen how much finance al-Fahim, who is supposedly a billionaire, will inject into the club to prevent the sale of players Storrie has said was necessary this summer" (Manchester GUARDIAN, 5/28). In London, Ian Herbert reports it is "understood [al-Fahim] will take over" as Portsmouth Chair "shortly after the completion of the deal" (London INDEPENDENT, 5/28).
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