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Al Fahim agrees to sell Portsmouth to Al Faraj

Portsmouth are set for new owners.

The Portsmouth News says Pompey will stave off the threat of financial ruin after Sulaiman Al Fahim agreed to sell the club to the Al Faraj family.

Al Fahim has finally admitted defeat in his bid to secure finance for the club and will pass over control to the Al Farajs - led by Saudi tycoon Ali Al Faraj.

That will prevent Pompey from falling into administration and enable them to pay players and board members for the foreseeable future.

The takeover is subject to legal ratification but it is understood Ali Al Faraj - who is part of one of Saudi Arabia's wealthiest families and believed to have a personal holding in billion-dollar petroleum giant Sabic - has already passed the Premier League's fit and proper persons test.

The deal should be finalised this week after Al Fahim confirmed he would sell the majority of his holding.



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