ABU DHABI // The business tycoon Sulaiman al Fahim has completed his purchase of Portsmouth Football Club of the English Premier League, his spokesman said today.
The protracted deal is believed to have been concluded earlier this week for an undisclosed sum.
Mr al Fahim, who built a real estate empire through his Hydra Properties company, is the current chairman of the club and is expected to host a press conference in the UK in the coming days to provide further details of the purchase.
His spokesman, Ivo Ilic Gabara, said the contracts had been signed but refused to give details of exactly when the transaction was completed or the purchase price.
A Portsmouth FC spokesman confirmed the purchase had been completed.
A statement released on behalf of Mr al Fahim said: "Devondale Investments, the current owner of Portsmouth FC, and Al Fahim Asia Associates Ltd (AAA), a company fully owned by Sulaiman al Fahim, chairman of the board of Portsmouth FC, have reached an agreement whereby AAA has become the new sole owner of the club.
"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 supporters of Portsmouth FC who have shown an extraordinary level of commitment and loyalty to this great club."
Speculation mounted earlier this month that the deal was close to collapse, with the club's manager Paul Hart telling a fans' forum that he did not believe the purchase would go through.
Mr al Fahim has been seeking financing since he announced his plan to purchase Portsmouth in May.
Amid growing concerns that the deal would fall through at the 11th hour, a new consortium emerged, believed to be headed by the Portsmouth chief executive Peter Storrie. A third party, also from the Middle East, is also said to have approached the club regarding a buyout.
Fans were relieved at the news that Mr al Fahim's purchase had been completed.
"It's about time," said Nathan Hunt, 33, a lifelong fan of the club who now lives in Dubai. "I am pleased the waiting is over but disappointed that we have lost so many players in the last few weeks.
"The Portsmouth fan base are going to be happy that everything has gone through and has been finalised. It's just a shame that it doesn't look like he is going to spend the kind of money on the club that everyone had hoped."
Craig Johnston, 25, also from Portsmouth and who also lives in Dubai, said he hoped the completion of the deal might trigger a buying frenzy ahead of the closure of the player transfer window at 8pm next Tuesday.
"Fans are pretty despondent; we have got no players left," he said. "We need about four or five purchases in the next few days, otherwise by next season, he's going to end up being the chairman of a first division club."
chamilton@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
SPEC%20SHEET
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The%20specs
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Mobile phone packages comparison
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Everything Now
Arcade Fire
(Columbia Records)
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
UAE currency: the story behind the money in your pockets
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
THE%20STRANGERS'%20CASE
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DUBAI%20BLING%3A%20EPISODE%201
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UAE currency: the story behind the money in your pockets
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
