Portsmouth Sheikh-up as Dr Al Fahim nears a takeover
THE Arabic businessman at the centre of last summer’s multi-million pound Manchester City takeover, had an offer to buy Portsmouth accepted last night.
Dr Sulaiman Al Fahim was in charge of the Abu Dhabi United Group consortium which took control at Eastlands in September, but is no longer involved with the City owners. Now, after a series of talks with Portsmouth chief executive Peter Storrie acting on behalf of owner Alexandre Gaydamak, in Rome last night, Al Fahim agreed to take over at Fratton Park.
“A period of formal legal and financial due diligence will commence next week,” a club statement confirmed last night.
The south-coast club said they hope the deal will be concluded “as soon as possible”.
Meanwhile, fellow Premier League club Sunderland also confirmed the club had been formally taken over. Texas-based private equity tycoon Ellis Short increased his 30 per cent majority stake in the Wearside club to buy out the current consortium of owners, led by former club favourite Niall Quinn who will continue as chairman.