Portsmouth agree deal to sell club
Gaydamak wants to sell the club despite FA Cup success in 2008
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Wednesday, 27, May 2009 10:28
Portsmouth owner Alexandre Gaydamak has agreed a deal to sell the club to Arab businessman Dr Sulaiman Al-Fahim.
The billionaire was the man who helped Sheikh Mansour and the Abu Dhabi United Group (ADUG) buy Manchester City last summer and he still remains on the board of ADUG.
It is believed that Al-Fahim is acting on his own behalf on this occasion, although Portsmouth have been unable to release many of the details, including the price, due to the takeover process they are now involved in.
Pompey executive chairman Peter Storrie brokered the agreement in Rome on Tuesday night and the club are now trying to push through the deal at the earliest opportunity.
A statement from the club said: "Portsmouth football club can confirm that it has accepted an offer from Dr Sulaiman Al Fahim to buy the club.
"A period of formal legal and financial due diligence will commence next week so that the transaction can be completed as soon as possible."
Pompey will be keen to act quickly to get the new regime in place to enable them to be active in the summer transfer window.
However, Al-Fahim's first job may be to sure up the club's finances. In January Pompey had to sell Jermaine Defoe and Lassana Diarra to help balance the books.
One month earlier Gaydamak had announced he was looking to sell the club but claimed he had already turned down two offers as he felt they were not in the best interests of the club.
Gaydamak has been seeking an investor who is prepared to commit themselves to paying for a new stadium and training ground for the club.