MikeLigalig.com

Saudi business tycoon Ali Al Faraj has completed his takeover of Portsmouth, acquiring a 90% stake in the club.

Sulaiman Al Fahim retains a 10% share, just six weeks after completing his own buy-out of the Premier League outfit.

"The takeover will ensure Portsmouth's future is safe and will bring financial stability," read a club statement.

"Contracts have been signed between the parties to enable funds to be released to pay the players and executive board on Tuesday."

Al Fahim's decision to sell the bulk of his shares to Falcondrone Limited, a company owned by Al Faraj, was announced late on Monday night.

Lawyers for both camps had spent most of the day locked in discussions about the future of the club after Al Fahim said he was willing to relinquish full control in the event of a suitable offer.

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