Following one of the most protracted takeovers in footballing history, it appears Al Fahim has now resigned himself to the fact that the Portsmouth deal will not happen.
Sources close to Al Fahim report that he has been working tirelessly to pull together sufficient funds, but it has simply not been possible to bring together the required cash. The Due Diligence process identified significantly higher Portsmouth debts than originally envisaged. In addition, the new FAPL Fit And Proper Persons requirement made it significantly more difficult to attract co-investors.
Al Fahim has been committed to the takeover and helped convince the club's creditors to defer a crucial part of the Standard Bank repayment - a debt that would have taken the club into administration two weeks ago.
As recently ago as last week, Al Fahim was still optimistic about the takeover. However his aides now advise that he has effectively decided to admit defeat.
**UPDATE**
A Press Release has been issued on 4 August which states that Al Fahim will be proceeding with the takeover. Our source has been remarkably reliable to-date (as regular readers will know) . Clearly we get things wrong but it was based on some key info - however things had obviously changed.
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wow, got any sources?
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteCan you provide a source for this information?
ReplyDeleteportsmouth fc and al fahim issue a statement at 8.02pm tonight completely denying this story.
ReplyDeletethe statement says and i quote from mr al fahim "the current owner and i have agreed and signed the terms sheet document.with which the terms of the agreement have been finalised.
we are now in the final stages of the transaction "
that above statement was issued by al fahim 20 minutes ago.
well well my blogger, what have you to say about that then?
http://www.portsmouthfc.co.uk/index.php?cms_id=78&qs_articleid=2676&qs_media=html
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HaHaHaHa, check your source before you cover the Internet with carp
Standby to have your post removed Michael!!!
ReplyDeleteThis blog is usually close to the mark, if in a skewed way.
ReplyDeletewho to believe?
ReplyDeleteHmmm, I've been reading every word on here for the last few weeks as if it was The Oracle. Guess this complete contradiction of the officially released statement will categorically prove or disprove its credibility.
ReplyDeleteThink I'm leaning towards this guy being a disguntled Hydra investor
Thank you for your comments. Our source has been very good to-date and we do not believe that today's statement by Al Fahim's aides is the end of the matter.
ReplyDeleteThe statement referenced by Matt above as published on PFC's Official Website is not from Al Fahim's aides but by Al Fahim himself.
ReplyDeleteFrom seeing your profile, it appears you do not have a particular axe to grind. I wonder whether your source does though..?
A load of old cods. This person writing this blog is just making loads of rubbish up. Wouldn't surprise me if they are a scum fan.
ReplyDeleteSo where is today's load of made up news then Fair comment? I would have thought you would have something lined up for today.
ReplyDeleteThis blog dissapoints me more and more I read it.
I would suggest if people want the real information as to what is going on with the takeover they check out http://www.portsmouthfc.co.uk <<< thats the official website and not some disgruntled ex-employee of Hydra who is basically stirring the pot without any REAL EVIDENCE.
Faircomment - This is probably your worst article yet. It may happen, it may not, but to put something like this up make you nothing more than a tabloid c&p'er.
ReplyDeleteI guess your school report always states 'must do better'
Martin, I agree this has not been an article that has covered itself in glory! As I say, this was based on a good source working on a sound assumption - more about this tomorrow.
ReplyDeleteFair comment - how did you manage to turn 'working on a sound assumption' into the 'factual' piece you submitted above? Seriously, your credibility is shot from this as you have obviously allowed your anti-Al Fahim agenda to distort this rumour into a malicious article that has caused a lot of concern for 100s of thousands of people. I have no problem with you slinging mud about where warranted but you really need to realise that your comments affect a lot of people so please be more responsible.
ReplyDeleteGaz, A well-made comment and we will take that on board. We did genuinely believe the deal was not proceeding and would not have published such a 'watershed' article if we did not have serious belief it was going to happen.
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