Saudi property tycoon Ali Al-Faraj last night completed a takeover of Portsmouth which the club claim will secure their financial future.

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, read: "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."

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 yesterday, 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 last night 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.

"I anticipate the players will get their salaries tomorrow."

Portsmouth owe millions to clubs, agents and the Inland Revenue. Al-Faraj is reported to have supplied the £5million bridging loan needed last week to pay the wages of club staff.

Al-Fahim was forced to refinance Portsmouth after banks demanded immediate payment of all television receipts and profits from the last transfer window, totalling £35million.

Storrie revealed last weekend there was "no money left" and that 30% of the £50million package Al-Fahim had pledged to raise was due by mid-October.