Al-Faraj pays up for Pompey

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Former owner Sulaiman Al-Fahim sold 90% of the shares in Portsmouth to Falcondrone Limited, a company owned by Al-Faraj, freeing up funds to pay players and executives.

A statement on the Portsmouth website, www.portsmouthfc.co.uk, said: "The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability."

Al-Fahim Asia Associates Ltd (AAA), owned by Al-Fahim, retains a 10% share in the club.

Al-Fahim himself will remain as non-executive chairman until at least the end of next season, while Peter Storrie will continue in his role as chief executive.

Al-Fahim was willing to relinquish full ownership in the "best interests" of Portsmouth, his spokesman Ivo Gabara said earlier, just 43 days after buying the club from Alexander Gaydamak.

Al-Faraj, 40, who will be joined on the board by his associate Mark Jacob, has already passed the Premier League's fit and proper person test following his involvement in the consortium that attempted to buy the club in late August.

On that occasion, Al-Faraj missed out when Gaydamak opted to sell his majority shareholding to AAA.

But Storrie brought Al-Faraj back to the table when doubts began to grow that Al-Fahim could attract the necessary funding in time to stop the club going bust.

Jacob told Sky Sports News: "He's absolutely delighted and looking forward to working with the team and the players. He is a huge supporter of the English Premiership and he's delighted to get involved."