London - The English Premier League's bottom side, Portsmouth, were given a much-needed boost on Monday night when they were taken over by Saudi businessman Ali Al Faraj. Property investor Al Faraj acquired a 90-per-cent stake in the club, with Sulaiman Al Fahim retaining a 10-per-cent share - six weeks after he himself bought the club.
"The takeover will ensure Portsmouth's future is safe and will bring financial stability," Portsmouth said in a statement.
"Contracts have been signed between the parties to enable funds to be released to pay the players and executive board on Tuesday."
Al Faraj, who has passed the Premier League's "Fit and proper persons test" will join the club's board of directors, while Peter Storrie will remain as chief executive.
"The club will undergo refinancing in order to grow and develop every part of the business," the statement said.
"Mr Al Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."
Portsmouth sit bottom of the table, though they earned their first points of the season on Saturday with a 1-0 win at Wolverhampton Wanderers.
