Al-Fahim Claims Embargo To Be Lifted - Portsmouth FC

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FootyMAD > Fratton Faithful > FF Newsroom > Latest News


Al-Fahim Claims Embargo To Be Lifted

By Jim Bonner	Sunday, 15th November 2009

But do we believe him?

Sulaiman Al-Fahim has told the media that Portsmouth FC is to receive additional finance and that the transfer ban will be lifted on Tuesday or Wednesday.

Pompey's minority shareholder said to the press: "We met with financial advisors of the consortium and the threat of the petition on the club is no longer there." Al-Fahim also stated that the club had "made revenue payments and the embargo will be cleared on Tuesday or Wednesday."

There is to be a board meeting on the 1st of December where Al-Fahim says he will "give back the property rights to the club so they can upgrade the current stadium" and where he will also be given the option to increase his stake in the club.

The extra finance is reported by Al-Fahim's pal Anil Bhoyrul to be secured with a loan that will be repaid with future television payments coming into the club. This is initially extremely worrying because on the face of it this means that we'll be using future Premier League income to pay back this loan (at what interest rate?)

We're not guaranteed to stay in the Premier League and some would say we've got little chance avoiding relegation and not only that but unless this new finance is extremely huge then we're not going to have substantial funds to improve the squad in January, or any time in the near future as we'll have even more loans to repay.

This whole situation needs clearing up because it has gone beyond a soap opera now. I'm confused as to what is going on behind the scenes and I want some clarity. Why is Al-Fahim being offered the opportunity to increase his share when Peter Storrie, Al-Faraj and co. have made it clear that they don't want him to have any major involvement with the club?

And just how much money is coming into the club now? And who from? Is it really substantial enough for a sizable transfer kitty to spend on players in January or has this loan just simply bought us more time?

So many questions, so little answers...

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