The 'takeover' at Portsmouth has generated many column inches and the saga looks set to continue. It has emerged that the takeover is considerably more complicated than it first appeared. As we first reported on 9 July, Gaydamak was seeking a clean financial break with the club as he was notable to finance the club's ongoing loss-making (running at £2m a month as recently as May this year).
Gaydamak was hoping the new owner would take over all his existing debt and pay him a premium for ownership of the Premiership club. However, as regular readers will be aware, Al Fahim's wealth was not nearly significant as it first appeared. When it became clear that Gaydamak would not be ableto walk away free from Portsmouth's debt, the takeover talks stalled - as we first reported, the sticking point was:
Gaydamak's desire to have all debts repaid and to achieve a financial 'clean break' from the club.
Faced with impending Administration, Gaydamak agreed to a settlement that enabled him to receive the proceeds of the recent player-sales and a percentage of the Sky TV payments (this will include proceeds from the forthcoming sale of Peter Crouch). This settlement leaves Gaydamak with continued responsibility for a significant portion of the club's debt. Al Fahim has effectively purchased equity in the club for a nominal amount. Al Fahim now has a controlling interest in the club, but crucially he will be liable for the ongoing costs (and any debt) accumulated after the date of the takeover.
For Gaydamak, the position is uncomfortable but palatable - his debts cannot increase and he has received a pay-off for a portion of his debts. Al Fahim has achieved his goal of becoming a high-profile 'owner' of a Premiership club for the minimum initial outlay. However, Al Fahim has had to make key concessions and Gaydamak has insisted that he remain on the board so that he can have a level of protection over his debts.
Al Fahim has assumed responsibility for ongoing running costs and any new player purchases.
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Perhaps you could provide us with the sources of your information - much of which seems to be conjecture and reflections on now discredited tabloid journalism.
ReplyDeleteIs there a reason why you hide your identity - my guess is your post-code is probably SO...
You've had your exposure and failed to substantiate the originality of any of your "stories". Now leave us in peace, scummer!
Let's be honest. Whoever is writing this blog knows far too much about AlFahim to be simply a scummers fan. I'm guessing a business associate that has been wronged by the man. The above artilc sounds plausible to me.
ReplyDeletefunny how your the only backer this blagger has got isnt it george, ur probably the same person, trying to add credit to your fantasy tales - i only read it for a laugh, why would someone bother documenting every last little thing mr fahim does. Obviously your a donut
ReplyDeletehttp://www.un.org/sg/mop/gwa.shtml
ReplyDeleteThis is a list of EVERY SINGLE goodwill ambassador of the UN, as of June 2009 (last updated date on the page at the time of writing this post).
Al Fahim is not listed.
Score one to the blog poster, who appears to be quite correct....
I think you should source your information. As all/many pompey fans trust the news that is reoprted in their local paper (The News), local radio staion - based in the city (107.4 The Quay), BBC South Today and Sky Sports News. Not some site which beleives they have it all right. But really its just another rumore starting website trying again to stop a great club from going forward and progressing.
ReplyDeleteJames you dipshit. Am looking forward to seeing you gullible bunch of muppets at Pompey get hammered this year. I'm one of the thousands that have been ripped off by Al Fahim. This guy is an ambarrassment and anywhere else in the world would be locked by now for his fraudulent business practices. Portsmouth is in for a big fall.....trust me....
ReplyDeleteHow about the New York Times for some proper investigative journalism (see the link below on Al Fahim). The guardian also have looked into the real Al Fahim in a bit more detail.
ReplyDeletehttp://www.nytimes.com/2009/06/09/business/global/09property.html?_r=1&scp=1&sq=sulaiman%20al%20fahim&st=cse
georgy boy, sorry to hear you get done over by al fahim, but just because you lost your money doesnt mean he is going to run with pompeys. Lets be honest who would invest 60mill plus in a team like pompey to try and cash in.if you had a clue about pompey, you would realise that we are a small club with passionate fans. Were not man utd with millions of fans all over the world to fleece. All our valuable players have been sold already, the stadium is not worth a tenner. There is only room for investment, you tell me how pompey is in for trouble when we were already well and truly in the shit?
ReplyDeletenot got anything else to say george?
ReplyDeleteThe Jamesmeister....what I do know about Al Fahim is that he is little more than a publicity seeker. He has couple of reporter 'friends' in the UAE media that blindly report everything he says. I've got nothing against Portsmouth, but this guy Al Fahim is a real piece of work. He refers to himself as a doctor and a UN Ambassador - the fact he is neither says it all really. Only in the UAE could he have got so far wihtout the media ripping him to shreds. He is not a wealthy businessman and unless he can get some backers quickly, Portsmouth will be in trouble.
ReplyDeleteGeorge, no need for personal attacks. You have your gripes but Al Fahim's link with Portsmouth has nothing to do with you or Hydra. You may be interested to know that numerous off plan investors have also lost millions in the UK & US. That is what happens during a property bubble. This should have been clear to any investor of experience.
ReplyDelete