Posted: Wed May 27, 2009 2:26 pm Post subject: Pompey takeover
From my paper - hope this is true and we haven't been had. Again.
A property tycoon is in talks with Pompey owner Alexandre Gaydamak about taking over the Fratton Park club, reports from the middle east suggest.
UN Goodwill Ambassador Sulaiman Al Fahim is reported to have signed a deal to take over the Premier League club
Mr Al Fahim, is said to be in Rome along with current Pompey owner Alexandre Gaydamak where the deal is said to be coming together.
The deal is being done through Al Fahim's new investment vehicle Al Fahim Asia Associates (AAA).
It has been structured by specialist international private equity and asset management firm Falcon Group.
Pompey's new billionaire owner has told fans he plans to build a great football club.
Pompey have agreed a reported £60m deal with property tycoon Dr Sulaiman Al Fahim, who stars in Dubai's version of The Apprentice.
The deal is set to be completed next week following a period of formal legal and financial due diligence.
In a message to blues fans everywhere, Sulaiman Al Fahim said: 'Everything I have seen makes me sure that we can build a great football club in the years to come.
'Portsmouth has incredible history, and its fans are some of the most loyal in the world of football.
'I look forward not just to working with them, but listening to their views on how they want to take the club forward.
'I am the investor, but this is their club and their community - and it is a privilege to be taking charge.'
Dr Al Fahim refused to give an exact date on when he will take control of the club, but said: 'There will now first be a period of more detailed due diligence.
'In parallel the legal papers are being drafted and we will move as quickly as professional investors do.'
The billionaire has said he sees making Pompey a brand name in Asia as a big part of his future plans for the club.
He said: 'We have a clear plan to strengthen the brand of Portsmouth FC.
'My investors in Al Fahim Asia Associates extend the branding network far into Asia, which we want to use.'
Al Fahim, whose footballing hero is Diego Maradona, has quickly moved to deny suggestions his company Hydra, based in UAE, is in financial difficulties.
He said: 'The world is in difficult economic times, and some people apparently resort to all sorts of badmouthing.
'Hydra is a resilient and solid company. However, let me be very clear in saying that my involvement in Portsmouth has nothing to do with Hydra.
'The money for the Portsmouth FC acquisition and the needed future investment has been raised through the network of Falcon Equity from Asian and Middle Eastern investors. None of these investors are from the real estate sector or part of a royal family.'
So then with both Pompey and Sunderland set to be taken over by billionaires does that make them the new Man City?? The new bloke in the North-East has pledged that £50 million will be spend over the summer. It will be interesting to see what similar noises Al Fahim makes and who he appoints into the manager's chair. Sven perhaps???
I see that Ladbrokes have shortened Pompey to 500/1 for next season's Premiership but William Hill remain 2,000/1.
I read somewhere he plans to outspend Man City. But his main priority this season is stablizing the team. Then build on it. He has said he will have to spend to tranform them.
Sorry, but the idea that spending money to get you into the top 4 is quite simply a waste of resources.
Spend the £50m on youth training facilities, coaching academies, junior league scouting, build a base for success and then in 10 years time you will have a flourishing club that won't need to keep spend the big buck$ to just be competitive.
Look at Villa and Everton, clearly the 5th and 6th best clubs in the land, yet still nowhere near the top4. Yes they spend money on players, but usually on maturing players, not ones past their prime, and they have a very strong youth system bringing through the core of their teams.
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