Al Faraj Takeover Complete

Ali Al Faraj has completed his 90% buyout of Portsmouth Football Club with the other 10% remaining with Sulaiman Al-Fahim who will stay at the club as non-executive chairman for two years.

90% of the club is now owned by Falcondrone Ltd, a company owned by Ali Al Faraj and he and Al-Fahim have signed contracts to release funds that will see the Pompey players and executive board be paid tomorrow.

The 40-year-old Saudi Arabian has already passed the Premier League's fit and proper persons test and has joined the board along with his associate, Mark Jacob.

A statement on Pompey's official website says that Pompey's future is "safe" and the takeover will "bring financial stability" to the club.

The most exciting part is the part of the statement at the end that says "Mr Al Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."

Given the fact Al Faraj has acted quickly to buy (and probably save) the club, it seems this man is the complete opposite to Sulaiman Al-Fahim - no talk but all action. If this is the case, then hopefully we'll see work on the training ground begin soon.

I'm absolutely delighted that the future of our club is now secure and with Peter Storrie's full co-operation, we can look to brighter times ahead.

I hope we have the opportunity to meet our new owner so we can personally thank him for ending this farce that all Pompey fans have had to endure and so we can listen to his plans for the future.

It has been a very good few days for the club, here is to more good news to come.