Pompey will stave off the threat of financial ruin after Sulaiman Al Fahim agreed to sell the club to the Al Faraj brothers.
The News understands that Al Fahim has finally admitted defeat in his bid to secure finance for the club and will pass over control to the Al Farajs.
That will prevent Pompey from falling into administration and enable them to pay players and board members for the foreseeable future.
Al Fahim will retain a 10 per cent stake in Pompey but power at the club will now be in the hands of the Al Faraj brothers.
The Al Farajs nearly took control at Fratton Park last month after forming the main part of a consortium led by Blues chief executive Peter Storrie.
However, former owner Sacha Gaydamak opted to sell the club to Al Fahim instead.
When Al Fahim failed to secure funds to put into Pompey, though, the Blues were left on the brink of a financial crisis which last week saw them unable to pay the wages of the entire first-team squad and executive board.
As a result, Storrie once again turned to the Al Farajs to step in.
It is believed they stumped up the £1.8m needed to solve the wages delay.
And with Pompey admitting they could face a greater financial crisis unless more funds were put into the club in he next fortnight, Al Fahim has now done what many Blues fans demanded and sold Pompey to the Al Faraj brothers, who are expected to plough more money in next week.
That will prevent Pompey from falling into administration and enable them to pay players and board members for the foreseeable future.
Al Fahim will retain a 10 per cent stake in Pompey but power at the club will now be in the hands of the Al Faraj brothers.
The Al Farajs nearly took control at Fratton Park last month after forming the main part of a consortium led by Blues chief executive Peter Storrie.
However, former owner Sacha Gaydamak opted to sell the club to Al Fahim instead.
When Al Fahim failed to secure funds to put into Pompey, though, the Blues were left on the brink of a financial crisis which last week saw them unable to pay the wages of the entire first-team squad and executive board.
As a result, Storrie once again turned to the Al Farajs to step in.
It is believed they stumped up the £1.8m needed to solve the wages delay.
And with Pompey admitting they could face a greater financial crisis unless more funds were put into the club in he next fortnight, Al Fahim has now done what many Blues fans demanded and sold Pompey to the Al Faraj brothers, who are expected to plough more money in next week.
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