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Dubai tycoon completes Portsmouth takeover

Text by NEWS WIRES

Latest update : 2009-08-26

Dubai-based millionaire Sulaiman Al Fahim has become the latest foreign tycoon to acquire a Premier League club after completing his takeover of Portsmouth from Russian businessman Alexandre Gaydamak.

AFP - Sulaiman Al Fahim has completed a takeover of struggling English Premier League club Portsmouth, the Dubai-based businessman announced on Wednesday.
  
Al Fahim first struck a deal to buy Portsmouth from current owner Alexandre Gaydamak in May and became chairman in July after passing the Premier League's "fit and proper person" test for club directors.
  
Negotiations on the exact terms and structure of the sale have dragged on for weeks however, creating an atmosphere of uncertainty over the club's future which has been identified as a factor in Pompey's winless start to their Premier League campaign.
  
In a statement, Al-Fahim said his Al Fahim Asia Associates Ltd. (AAA) had become the new sole owner of the club.
  
It added: "Sulaiman Al Fahim welcomed this agreement and looks forward to helping the club build on its impressive history and achieve new successes in the Premier League.
  
"The chairman of the club would like to extend his gratitude to the players, staff and the supporters of Portsmouth FC who have shown an extraordinary level of commitment and loyalty to this great club."
  
Portsmouth have lost their first three league games this season and have been widely tipped for relegation after selling England duo Glen Johnson and Peter Crouch to help balance the books.
  
Manager Paul Hart is struggling to hold on to want-away centreback Sylvain Distain and has less than a week left to bring in reinforcements before the end of the transfer window.
  
Watford forward Tommy Smith and Lens' Ivory Coast striker Aruna Dindane are both reported targets for Hart.

Date created : 2009-08-26

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