, whose lavish spending almost put them out of business, were sold to outspoken billionaire businessman Dr Sulaiman Al Fahim yesterday following two days
of talks in Rome before the Champions League final. The negotiations were carried out by Portsmouth chief executive Peter Storrie, agent Pini Zahavi and another major football fixer, Pairoj Piempongsant – the Thai businessman who brokered the deal that saw Thaksin Shinawatra sell to the Abu Dhabi United Group. The setting was the top-floor open-air bar of the Sofitel hotel overlooking the Eternal City. Storrie returned to the UK yesterday morning after a sizeable full breakfast without staying for the match, his job done after a clinching takeover summit on Tuesday night with Sulaiman. Play up Pompey: UAE businessman Dr Sulaiman Al Fahim has agreed a deal to buy Portsmouth FC The sale, which is now the subject of due diligence, ensures Portsmouth will not suffer the potential ignominy of being the first Premier League club to go into administration. UAE property developer Sulaiman was the frontman for the Abu Dhabi United Group after their purchase of Manchester City, whose bold predictions included the signing of Cristiano Ronaldo, before City owner Sheik Mansour opted for a lower profile.
Sulaiman is understood to be paying £80million for Portsmouth through his new investment vehicle, Al Fahim Asia Associates. Pompey had debts of around £65m with £40m owed to the South African Standard Bank and another £25m in loans to current owner Alexandre Gaydamak.