The future of Portsmouth would be best served under fans ownership, according to executive chairman Sulaiman al Fahim who is prepared to hand over his shares in the club to their supporters trust.
Al Fahim, the Emirati who is on the board of Hydra Properties and is a former chief executive of the company, sold most of his shares in the club to Ali al Faraj, the Saudi, and will give the rest to the Pompey Supporters Trust
"Pompey are the only club in Portsmouth and the team is incredibly important to supporters. They have to own it and I will help them; in fact I've already held private discussions on their behalf," he said. "I came up with the idea of gifting them my shares about three months ago. The supporters need more votes and power in the club so I want to give them my 10 per cent holding and then help them generate additional funding to secure extra shares."
Having changed hands three times already this season, Portsmouth remain perilously close to becoming England's first Premier League club to enter administration. The ongoing ownership merry-go-round has only exasperated financial limitations: the club has failed to pay its players on four separate occasions in the last three months, former owner Sacha Gaydamak was due to receive a £9million (Dh52.8m) loan payment yesterday and a winding-up order from HM Revenue and Customs is due to be heard this month.
With al Faraj yet to inject capital, al Fahim said the time has come for the club's fans to have a say. He said: "There are financial institutions who are willing to lend the fans money to buy more shares. I have assigned a company called Intrust to facilitate a smooth transaction; they will transfer my shares to the Pompey Trust and then help secure further shares."
Having had their transfer embargo lifted by the Premier League last week, Pompey instantly cashed in by selling Younes Kab-oul back to Tottenham for £5m. Al Fahim, who said the Kaboul fee will serve the club's tax debt and prevent immediate closure, insisted Portsmouth's financial position was not as severe as outsiders believe.
"I don't think we are at administration level yet; other Premier League clubs have far more debt," he said. "The team has a lot of money in it in terms of value. The club may be poor in cash but it has money and assets and there are no bank loans. The debt lies with football creditors, other clubs, tax, Revenue and Customs and share holders. But the current regime is willing to work with new investors and there are interested parties, aside from the fans. Someone will invest."
The Gaydamak issue remains crucial. When al Faraj bought the club, Gaydamak retained ownership of land adjacent to Fratton Park which is key to redeveloping the stadium. That land, if Portsmouth can repay Gaydamak's loans, can be bought for £4.5m.
It is an essential purchase, according to al Fahim, who added: "Any money raised by the Pompey Trust will go towards supporting the new stadium proposal."
emegson@thenational.ae
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Dengue%20fever%20symptoms
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.