Sulaiman Al Fahim, the owner of Portsmouth Football Club, has sold the majority - 90 per cent - of the club to Falcondrone Limited, a company owned by Saudi Arabian businessman Mr Ali Al Faraj.
Contracts have been signed between the parties today to enable funds to be released to pay the players and executive board on Tuesday.
Al Fahim Asia Associates, owned by Sulaiman Al Fahim, will retain 10 per cent of the club and he remains as non-executive chairman until at least the end of the 2010/11 season.
Ali Al Faraj will join the club’s board of directors along with his associate, Mark Jacob.
Peter Storrie will remain chief executive officer.
Mr Al Faraj, 40, from Riyadh, Saudi Arabia, is a respected property investor in the Middle East and has already passed the Premier League’s fit and proper persons test.
A Pompey spokesman said: “The takeover will ensure Portsmouth Football Club’s future is safe and will bring financial stability.
“Once the takeover is complete the club will undergo refinancing in order to grow and develop every part of the business.
“Mr Al Faraj is very supportive of the club’s plans for a new training ground and the development of Fratton Park.“
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