Portsmouth confirmed last night that Saudi businessman Ali Al-Faraj has completed his takeover of the club.

Former owner Sulaiman Al-Fahim sold 90 per cent 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 Portsmouth's official website 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 per cent 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-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.

Jacob told Sky Sports News on Monday night: "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."