Portsmouth, England (My Sportsbook) - Saudi businessman Ali Al-Faraj has completed his takeover of Portsmouth after acquiring a 90 percent stake in the club from former owner Sulaiman Al-Fahim.

Al-Fahim's chaotic five-week reign at Fratton Park was dogged by financial difficulties, which came to a head with the club's staff and players not being paid their September wages on time.

"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.

"The club will undergo refinancing in order to grow and develop every part of the business.

"Mr Al-Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."

Al-Fahim has retained a 10 percent stake in the club and will remain as non- executive chairman until at least the end of next season.

Al-Faraj will join the club's board of directors, along with associate Mark Jacob, while Peter Storrie will remain as chief executive.

"He (Al-Faraj) is absolutely delighted and looking forward to working with the team and the players," Jacob told Sky Sports News.

"He is a huge supporter of the English Premiership and he's delighted to get involved.

"I anticipate the players will get their salaries tomorrow."

Al-Faraj came close to buying the club in August and is believed to have already passed the Premier League's fit and proper persons test required for club ownership.

(Courtesy of sportbox.tv)