New regime pledges spending power for Pompey to beat drop

Faraj seals takeover with vow to fund bold ambitions for Portsmouth and Hart

Sulaiman al-Fahim will remain on the Portsmouth board despite selling 90 per cent of his stake (GETTY IMAGES)

Portsmouth's new owners last night pledged to keep the club in the Premier League and pleaded for cooperation to develop Fratton Park and cement the club's financial future.

Saudi businessman Ali al-Faraj secured the takeover of Portsmouth at midnight on Monday and his lawyer Mark Jacob, who will have a seat on the board subject to Premier League approval, insisted that the 39-year-old had high ambitions and would spend in the January transfer window if necessary. "We must pick up the cudgels now," Jacob told The Independent. "[ Faraj] is ambitious and sees there is a great opportunity." Indications are that manager Paul Hart will be given time revive the club's on-field fortunes.

But profound questions remain about the new regime and its ability to deliver any more investment than that of the Abu Dhabi tycoon Sulaiman al-Fahim. Little is yet known about Faraj, whom Jacob said was a property investor and developer and commodity trader with a love of the Premier League who believes that there is major commercial opportunity for it in Saudi Arabia. It remains unclear how Faraj will reach agreement with the club's previous owner Alexandre Gaydamak on ownership of land around Fratton Park which is crucial to any redevelopment of the stadium. It was thought that Faraj had been holding off on a deal to buy Portsmouth until he was certain he would also acquire Miland Development (2004) Ltd, the company through which Gaydamak owns the land.

In the event, the land has not been acquired by Faraj and remains in Gaydamak's ownership, though Gaydamak is willing to sell. "He is open to offers," was the word from his camp last night. Jacob said that the development of the land was important. "That land and the stadium are inextricably linked. We need to work together with others [to develop it]. We don't need a stalemate situation where we are treading water."

Though there is no doubt that Faraj and Jacob, brother of Times football journalist Gary Jacob, feel frustration at Gaydamak's decision to sell the club to Abu Dhabi tycoon Sulaiman al-Fahim and not Faraj two months ago – "a period has been wasted and we can't turn back the clock now," Jacob said – there seems to be a willingness to maintain Fahim as a boardroom presence and 10 per cent shareholder. He is seen as an individual whose heart is in the right place, though his struggle to secure the necessary finance to make good on his promises when he purchased the club have plunged Pompey into trouble at the bottom of the Premier League with creditors hammering on the door.

Jacob, a Tottenham supporter, said his affinities would not affect his role in piloting the club and "assisting in transactions" at Portsmouth, whose next match brings Spurs to Fratton Park. Faraj, he said, would be seen at Fratton Park but will maintain an involvement in the club "from a distance."

It is still unclear precisely how wealthy Faraj actually is, though Jacob dismissed reports that the new owner is a billionaire. As of last night, the club had not received the basic biographical details and picture of Faraj which they intend to display on their website. Contrary to initial reports, Faraj has no links to the Saudi petrochemical conglomerate Sabic, though he does own a company called EasyWay Ltd.

Jacob said investment in the January transfer window will depend on the events of the next few months on the field."The team proved last week [in the win at Wolves] how committed they are – without being paid," he said. "We have a great home game coming up and are intent on moving up the league. We are up and running as things are now but we don't have a crystal ball to tell us what will have happened by January."

Fahim said he handed over the club to Faraj for no money, after the level of debt owing and the urgency of repayments overwhelmed him. "I had intended to finance the purchase and on-going investment myself," he said. "As the due diligence and takeover process unfolded, it became clear the [debts] were higher than anyone had imagined. It has always been my intention to fully finance the purchase by mid-October."

Key tasks: What Pompey do now

Pay creditors This is the priority. The players were paid yesterday but Pompey owe around £3m to agents Pini Zahavi and Jonathan Barnett and have deferred payments to other clubs for signings.

Add to squad The transfer window would have been different had Sulaiman al-Fahim not been at the helm. Serious changes look necessary for January.

Develop ground Agreement must be reached for the transfer of land surrounding Fratton Park from Alexander Gaydamak to Ali al-Faraj.

Improve training facilities Badly in need of an upgrade.