LONDON (AP)—Saudi Arabian property magnate Ali Al-Faraj was close to finalizing a deal to buy Portsmouth on Monday and can immediately take over as an owner after being approved by the Premier League.
Less than six weeks after buying Portsmouth, owner Sulaiman Al-Fahim was concluding the sale of 90 percent of his stake in the financially troubled club to a consortium led by Al-Faraj, a person close to the talks told The Associated Press. The person spoke on condition of anonymity because the discussions were ongoing.
Al-Faraj passed the league’s “fit and proper persons test” that determines who may own English clubs when he was first trying to buy into Pompey in August.
Al-Fahim, who only took over Portsmouth in late August, has been attempting to refinance the club after banks demanded the television receipts and profits from the last transfer window.
Uncertainty over Al Fahim’s refinancing plans grew last week when players were not paid.
Portsmouth chief executive Pete Storrie has said “there is no money left”.
The squad was promised Thursday they would receive their wages within two days, blaming a cash-flow delay caused by the recent takeover.
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