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Portsmouth owner looks for profit

New Portsmouth owner Ali Al Faraj has admitted that his only desire in buying the club is to gain a profit on his investment, according to The Telegraph.

Al Faraj boosted the club’s financial outlook when he purchased the club from Sulaiman Al Fahim earlier this month, making him the third foreign owner the club has seen this year. Portsmouth has been facing a number of financial challenges prior to his takeover.

Al Faraj explained that he is seeking new investors, after having to borrow £5 million to cover the unpaid player wages. He stated that he will remain with the club in order to stabilize it, for at least six months, and hopes to turn a profit. He admitted that he has ‘no relationship to sports,’ and that purchasing Portsmouth was ‘purely investment.’

Mark Jacob, legal advisor, told Al Faraj that he would be able to make money in a short amount of time by purchasing the club, which encouraged the deal to take place.

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