Ali Al-Faraj has completed his takeover at Portsmouth after a company under his ownership bought a 90 per cent share in the Premier League club.
Former Pompey owner Sulaiman Al-Fahim will keep a 10% share and will move to a role as a non-executive chairman, while Peter Storrie will remain as chief executive.
A statement on Portsmouth’s official website said: “Sulaiman Al-Fahim, the owner of Portsmouth football club, has sold the majority – 90 per cent – of the club to Falcondrone Limited, a company owned by Saudi-Arabian businessman Mr Ali Al-Faraj.”
A Pompey spokesman quoted on the club’s website said: “The takeover will ensure Portsmouth football club’s future is safe and will bring financial stability.
“Once the takeover is complete the club will undergo refinancing in order to grow and develop every part of the business.
“Mr Al-Faraj is very supportive of the club’s plans for a new training ground and the development of Fratton Park.”
The agreement brings to an end a turbulent couple of months for Premier League outfit, who sit bottom of the table and only recorded their first win of the season when beating Wolves at the weekend.
Al-Fahim bought Portsmouth in August, but he failed to provided the neccesary funds to run the club and players and executives did not receive their salaries last week, while the Dubai-based businessman was also rushed to hospital.
Al-Faraj had already passed the Premier League’s fit and proper persons test after a failed attempt to buy Portsmouth as part of a consortium involving Storrie in the summer.
Mark Jacob, who is Al-Faraj’s lawyer and will also be on Pompey’s board, told Sky Sports News: “He is absolutely delighted and is looking forward to working with the team, players and, more importantly, the supporters to help put Portsmouth back on the footballing map.
“He is a huge supporter of the English Premiership. He sees a great opportunity with regards to Portsmouth and is just delighted to get involved.”
When asked how Al-Faraj will differ to Al-Fahim, he said: “Wait and see.”