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Latest News

A short lived reign?

A short lived reign?

Sulaiman al-Fahim said he may sell a majority stake in Portsmouth to a Saudi investor amid claims the club is suffering from serious financial trouble.

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October 4, 2009 10:58 by



UAE-based tycoon Sulaiman al-Fahim is in the news, again.

On Sunday, he revealed he may sell a majority stake in Portsmouth to a Saudi investor, in spite of being the sole owner of the club for a mere two months, reported The Observer.

Al-Fahim, who was admitted to a Dubai hospital with kidney infection on Friday, said the deal may be finalized by Monday.

The Saudi investor, Ali al-Faraj, reportedly leads a consortium of investors interested in the football club.

Al-Fahim said: “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.”

“Due to my situation I will need rest and meet them on Monday,” al-Fahim added. “My lawyers are [currently] in discussion with the consortium lawyers.”

On Friday Peter Storrie, the Portsmouth’s CEO, said the club urgently needs at least “30 percent of the £50 million” al-Fahim promised to raise by the end of October, or the club would go bust.



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2 Comments

  1. mishal on October 6, 2009 7:53 am

    So the Michelin tyre got deflated. Was anyone expecting any other outcome?

     
  2. Andrew on October 6, 2009 11:32 am

    Is there an Arabic equivalent of schadenfreude?

     

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