Ali Al Faraj promises Paul Hart a January spending spree to keep Portsmouth in the Premier League tbal

Cash boost: Hart has been promised funds to buy new players to maintain in the Premier League. Portmouths lost the last 7 games. At bottom of the Premier League


Just gone: But Al-Fahim still holds 10 per cent.Out after just 42 days of chaos at Fratton Park

Portsmouth manager Paul Hart has been assured he will have money to spend in the January transfer window following Ali Al Faraj's takeover of the club.

The Saudi oil tycoon last night (Monday) agreed to buy 90 per cent of the financially-stricken Fratton Park outfit in a deal which saved Portsmouth from administration.

Hart was forced to cash in on the club's biggest names during the summer with England duo Glen Johnson and Peter Crouch sold in order to raise vital funds.

Portsmouth are now rooted to the bottom of the Barclays Premier League with just one victory from eight matches. But chief executive Peter Storrie and Al Faraj's lawyer Mark Jacob have both assured Pompey fans that every effort will be taken to ensure the club remains in the top flight.

Ali is a passionate follower of the Premier League and wants Portsmouth to remain in the best league in world football,' said Storrie. 'There will be money to spend in January to make sure we do not lose our coveted place in the top flight.'

Jacob, who has joined the Portsmouth board, has confirmed the outstanding September wages would be paid by the end of today.

And in the longer term, he stated the club remains committed to developing a new training ground and building a new stadium.

Jacob said: 'There is going to be substantial investment. We were ready to invest and push things forward six weeks ago so that was a missed opportunity. However, there will be funds available in January to ensure we are not at the wrong end of the table come the end of the season.

Ali Al Faraj bough over 90% from Al Falim

Saudi businessman Ali Al Faraj has taken a 90% stake in struggling Portsmouth Football Club, freeing up funds to pay the English Premier League team's players and executives, the club said late Monday.

Mr. Faraj, a member of one of Saudi Arabia's wealthiest families, bought the stake from Abu Dhabi's Sulaiman Al Fahim for an undisclosed amount through his company Falcondrone Ltd., Portsmouth FC, known locally as Pompey, said in a statement on its Web site.

Al Faraj was involved in a consortium that attempted to buy Portsmouth in late August but missed out on that occasion when previous owner Alexandre Gaydamak struck a deal with Sulaiman Al-Fahim.

Storrie brought Al-Faraj back to the table when doubts began to grow that Al-Fahim could attract the necessary funding in time to stop the club going bust.

I have been very impressed with Mr Al Faraj, his people and their commitment. They are very professional in their approach to the business and I believe that we will have some exciting plans ahead once again for this football club.

'Most of all I am pleased for the fans who have stuck by us through this very difficult period and also the staff who have continued to go about their business under trying circumstances.'

Al Fahim, who only bought the club 44 days ago, retains a 10 per cent stake and the position of non-executive chairman.

His spokesman revealed on Tuesday that the £50million funding Al Fahim had promised to raise was now in place - and secured against his own personal assets - should Portsmouth require it.

Al-Fahim himself said: 'The club will always have the ability to use the finances I have created and brought in, which will be ready by the third or fourth week of October.'

The 32-year-old claimed that he invested £5million into Portsmouth in August to prevent the club going into administration.

-----------

----------