Portsmouth Football Club has been bought out by UAE businessman Dr Sulaiman Al Fahim.

Portsmouth Football Club has announced that it has accepted an offer from United Arab Emirates (UEA) businessman, Dr Sulaiman Al Fahim, to buy the club.

Executive Chairman Peter Storrie negotiated the deal on behalf of Club Owner Alexandre Gaydamak, who took the decision to sell towards the end of last year. Mr Gaydamak enjoyed a successful two and half years at the helm during which the team won the FA cup for only the second time in the clubs’ history. Mr Storrie secured the deal with Dr Al Fahim in Rome on Tuesday night (26 May).

The Premier League club had previously refuted allegations that the club owner had halved the price of Portsmouth FC in order to gain a quick sale. 

Dr Al Fahim rose to fame in the UAE by becoming the country’s equivalent to Sir Alan Sugar in its version of The Apprentice. As Chief Executive of Hydra Properties, the 32-year old is a self-made billionaire.

According to arabianbusiness.com, Dr Al Fahim, was the architect of the Manchester City Football club takeover by Abu Dhabi United Group in September 2008, and according to a source close to the businessman, this gave him a taste for football and he has been following the Premier League closely ever since.

The amount to be paid for the club is still under wraps.