Portsmouth are set to be taken over again after Sulaiman al-Fahim entered negotiations to sell his majority shareholding in the club to a consortium led by Saudi property tycoon Ali al-Faraj.
Al-Faraj is reported to have supplied the €5.45million bridging loan needed this week to pay the wages of club staff and looks set to buy out the majority of Al-Fahim's stake within a matter of days.
Al-Fahim told The Observer: "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."
Al-Fahim, who has been recovering in hospital following an operation to remove kidney stones on Friday, said he will meet with representatives of Al-Faraj's consortium tomorrow.
Portsmouth chief executive Peter Storrie has been key to bringing in the investment from Al-Faraj, and told the Sunday Mirror: "It was imperative that something had to be done to safeguard the future of this club.
"Portsmouth were completely skint and when it appeared funding from Sulaiman Al-Fahim wouldn't arrive in time to stop the club from being put into a perilous situation we had to do something.
"After prolonged talks with Ali-Al-Faraj we eventually came to a solution and subject to all the legal issues being sorted out, I am confident the deal should go through early next week."
Al-Fahim's takeover of Pompey was only completed in late August. It had looked then as though a consortium brought together by Storrie would buy out majority shareholder Alexandre Gaydamak instead, but Al-Fahim's company Al-Fahim Asia Associates Ltd (AAA) managed to conclude a deal first.
The news of a possible new buy-out provides a new twist to a turbulent period at Fratton Park. Matters do at least appear to be improving on the pitch, where Paul Hart's side ended a run of seven straight Premier League defeats by beating Wolves 1-0 at Molineux.
(reopens) Al-Fahim spokesman Ivo Ilic Gabara, interviewed by BBC Radio Five Live yesterday, insisted his client was still hopeful of acquiring the €54.5million loan needed to refinance the club "over the next three weeks". Gabara confirmed the loan would be secured against Al-Fahim's personal real estate assets.
However, Al-Fahim's own statement to The Observersuggested the preferred option for him now was to sell his stake.
Gabara said Al-Fahim was ready to welcome outside investment but doubted he would be prepared to give up his interest in the club completely.
"There have been talks between the lawyers of the Al-Faraj family and the lawyers of Sulaiman Al-Fahim," he told the Sportsweekprogramme.
"I actually understand those talks are still ongoing. There may be an opening for other investors to come into the ownership of Portsmouth Football Club so I know he is prepared to forego his full ownership of the club, which was his position even before the takeover had been completed.
"But I don't think he would be open (to a complete buy-out)."
Gabara could not confirm that Al-Faraj had provided the €5.45million bridging loan to pay overdue wages.
