Emirati businessman to buy Portsmouth

United Arab Emirates businessman Dr Sulaiman Al Fahim – the mastermind behind the purchase of Manchester City – is to buy 2008 FA Cup winners Portsmouth it was revealed by the club on Wednesday.

Portsmouth owner Alexandre Gaydamak has been looking to sell the club for a while and after seemingly successful talks held in Rome – where Al Fahim is attending the Champions League final – Pompey issued a statement.

“A period of formal legal and financial due diligence will commence next week,” it read.

“We cannot make any further comment on the future structure of the club until this period has been completed.”

Portsmouth also added that they hoped the deal will be concluded “as soon as possible”.

Al Fahim is no longer part of the consortium that owns Manchester City having led the bid of the Abu Dhabi United Group when they took control of Manchester City last summer.

Gaydamak, who is Franco-Russian, gained control of the club when having been joint-owner since January 2006 he bought out co-owner Milan Mandaric for around 32million pounds.

However, funds have started to dry up and Gaydamak said that he needed to focus more on his business and therefore could “no longer invest the time required to oversee the running of the club”.

Despite that intention Gaydamak has nevertheless not panicked into selling, rejecting two offers because he wants to sell to a buyer who would be committed to funding a new stadium and training ground for the club.