Portsmouth yesterday became the second Premier League club to be owned by investors from the United Arab Emirates after a takeover led by Sulaiman Al-Fahim was confirmed.
A statement on the club's website said that Portsmouth’s current owner Alexandre Gaydamak was pleased “to announce an agreement in principle has been reached” with Al Fahim Asia Associates.
Portsmouth lost around £17 million during the 2007-08 financial year, forcing the south-coast club to shelve plans for a new stadium.
"I very much look forward to working closely with the club's management and supporters to develop Portsmouth Football Club and deliver future success," Al-Fahim said. "The club has a long and fine history of achievement that I intend to build on."
The takeover was rubber-stamped after the Premier League confirmed that Al-Fahim passed its new "fit and proper" test for prospective club owners, the first to do so.
Peter Storrie stay as chief executive and said Al-Fahim “will be able to take the club forward to further achievements, building on the successes of the past three years."
