Saudi completes Portsmouth takeover

London, 06 Oct-(ANA)-Saudi business tycoon Ali Al Faraj has completed his takeover of Portsmouth, acquiring a 90% stake in the club.

Sulaiman Al Fahim retains a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.

"The takeover will ensure Portsmouth's future is safe and will bring financial stability," read a club statement.

"Contracts have been signed between the parties to enable funds to be released to pay the players and executive board on Tuesday."

Under the terms of the deal, Al Faraj, 50, will join the club's board of directors, along with associate Mark Jacob, while Peter Storrie will remain as chief executive.

Al Fahim, who only took over the club in August, becomes non-executive chairman until at least the end of the 2010/2011 season. (ANA)

FA/ANA/06 October 2009---