Pompey's saviour is not a billionaire, he had to borrow the £5m to pay the players wages, and knows nothing about sports.
It's too good to be true. I'd feel sorry for them if it wasn't so funny
http://www.mirrorfootball.co.uk/news/New-Portsmouth-owner-is-NOT-a-billionaire-and-plans-to-sell-up-in-just-six-months-article197983.html
[SIZE="4"]New Portsmouth owner is NOT a billionaire and plans to sell up in just six months[/SIZE]
Portsmouth’s new owner Ali Al Faraj last night revealed he is NOT a billionaire and knows nothing about football.
He also plans to sell the Premier League's bottom club in six months time and said he was persuaded to buy the club when he was persuaded he could make a profit.
Al Faraj was billed as Pompey’s saviour when he bought them from fellow Middle East businessman Sulaiman Al Fahim earlier this month.
Manager Paul Hart believed he would get money to spend as he battled to lift them off the Premier League bottom spot.
But speaking for the first time since taking control, the Saudi Arabian property tycoon has admitted having to borrow £5 million to pay last month’s wages.
Al Faraj, who is looking for new investors to steer Pompey to financial stability, said: “We are going to purchase the remaining shares in the club by entry of additional partners, whether they are from the Gulf or Europe.
“Our plan is to stay at the club for a period of not less than six months, until the club stands again, benefiting the club as well as us.
“This is based on the fact that purchasing the club was purely investment and in the future we may sell it if we get additional gains.
“It’s not a secret to hide, we are investors and we have no relationship to sports, but at the same time we have an integrated team of legal and technical advisors.
“All are working at the club as executives and planners for more than five years and they know all the details and reasoning. This is natural in the business world.”
Portsmouth still owe £10 million to the Inland Revenue, agents and rival Premier League clubs despite wiping out £30 million worth of debts since the turn of the year.
Supporters had hoped Al Faraj would stump up the cash to allow manager Paul Hart to spend his way to Premier League survival in the January transfer window.
Al Faraj, who describes himself as rich but not a billionaire, added: “We did not have the £5 million pounds (to pay the wages) but we agreed with three banks to finance the acquisition.
“They approved it based on the club financial guarantees we provided, such as annual revenue from TV coverage, the income of the club real estate and other assets.
“We did not we give these banks any personal guarantee.”
Al Faraj also admitted he was reluctant to buy Pompey before being persuaded by legal advisor Mark Jacob he could make a profit.
“The British friend of my brother Ahmed had convinced me that the possibility of investing in the club is very large and all they have to do is to cover the club’s debts, and the gains will be in the short term.”