Portsmouth has been sold for the second time in as many months, with Saudi business tycoon Ali Al Faraj taking a 90 per cent stake in the Premier League side.
Sulaiman Al Fahim, who took control of the club in the summer, will keep his 10 per cent of his shares. Al Fahim, who was in hospital last week for an operation to remove kidney stones, told the Arabian Business newspaper: "To say I sold my 90 per cent shares for one pound would actually be an exaggeration.
''It was for zero... I should make clear that I have not made any financial gain from this." With chief executive Peter Storrie insisting the club needs a cash input of more than $20 million in the next two weeks to avoid administration, Al Faraj's first task will be a firefighting mission.
"The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability," said a club statement. "Once the takeover is complete the club will undergo refinancing in order to grow and develop every part of the business.
"Mr Al-Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."
The move is expected to save the club from relegation and the club claim Al Faraj has already passed the Premier League's 'fit and proper persons test'.