Date: 4th October 2009 at 8:52am
Written by:

The ‘reports’ that we could be set for investment from the Faraj brothers, or even the complete takeover of the Saudi’s from SAF has grown and grown – none more so in light of the latest financial developments towards the end of the week, with it seeming as though the Faraj’s bailed us out.

According to The News on Saturday evening the brothers had agreed a deal with SAF that will see them take over this week, having already passed the ‘fit and proper test’, although SAF will retain a 10% stake in the club and keep an ‘non-executive chairman’ role.

The Mirror has Peter Storrie quoted as telling them: ‘it was imperative that something had to be done to safeguard the future of this club.

‘Portsmouth were completely skint and when it appeared funding from Sulaiman Al Fahim wouldn’t arrive in time to stop the club from being put into a perilous situation we had to do something.

‘Financial director Tanya Robins and I have worked round the clock to put this deal together.

‘It’s important to point out that this wasn’t about any individual or consortium, it was about saving this club from going out of business.

‘After prolonged talks with Ali Al-Faraj we eventually came to a solution and subject to all the legal issues being sorted out, I am confident the deal should go through early next week.

‘I must say that for all the criticism he has faced, Sulaiman Al Fahim has been very supportive and realised that there was no other alternative.’

Until we know a deal is done, it is officially announced and we see some actions follow words that will inevitably be given – assuming this goes through – we never know what is what, although things seem a lot more positive at least, right?

SAF, himself being quoted in The Observer – with what they say is an exclusive – feels this will be done early this week, maybe tomorrow: ‘I think by Monday or Tuesday he will be on the board. His consortium will be a major shareholder. And I will keep a minority.

‘Due to my situation I will need rest and meet them on Monday. My lawyers are in discussion with the consortium lawyers.’

SAF also said that he will still give the club ‘access to my new funding which will be ready in a few weeks – the £50m announced,’ but also intends to stay on the board and continue to invest money and attend games, as he had become a fan.

What I would say, again assuming SAF finally does move aside – saying finally seems odd, given he has only ‘officially’ been our owner for around a month – or at least in majority terms lets just keep our criticism of him in check.

Yep the guy has been a plonker, or come across as one at times – although I think others have helped him look more like this at times – and does little to help himself but the most important thing that I think we must remember is he is not the one that got us into the mess we are in, his failings are thinking running a club was ‘easy’ when it was not and finding himself getting dragged in deeper and deeper, without the ability to find a solution to problems. We can blame him for not getting us out of this mess, but lets not blame him for others people’s faults!

Although, whatever, lets just hope we can really start focusing on the future now and see this an easier one and of course that brighter one we had been hoping for…

PLAY UP POMPEY!


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