Sulaiman Al Fahim has completed a takeover of Premier League club Portsmouth, the Dubai-based businessman has confirmed.
Al Fahim first struck a deal to buy Portsmouth from current owner Alexandre Gaydamakin in May and became chairman in July after passing the Premier League’s “fit and proper person” test for club directors.
Negotiations on the precise terms of the sale have dragged on for weeks, although the respective parties have now reached agreement.
In a statement, Al-Fahim said his Al Fahim Asia Associates Ltd. (AAA) had become the new sole owner of the club.
It added: “Sulaiman Al Fahim welcomed this agreement and looks forward to helping the club build on its impressive history and achieve new successes in the Premier League.
“The chairman of the club would like to extend his gratitude to the players, staff and the supporters of Portsmouth FC who have shown an extraordinary level of commitment and loyalty to this great club.”
Portsmouth have lost their first three league games this season and have been widely tipped for relegation after selling England duo Glen Johnson and Peter Crouch.