SportsPro

Still no agreement on Portsmouth takeover

15 July 2009 | Posted in Notes & Insights | By Michael Long | Contact the author

Despite the completion of due diligence and the submission to the Premier League of the necessary documents for its 'fit and proper person' test, Sulaiman Al Fahim is yet to agree a price for his takeover of Portsmouth.

However, his advisor, Ivo Ilic Gabara, insists negotiations are proceeding as planned.

"Due diligence has been completed. We are now making a final commercial assessment with information obtained through the due diligence process," said Al Fahim's advisor Ivo Ilic Gabara. "We will then sit down and negotiate a final price based on how much both parties think the club is worth."

Gabara admitted the deal is unlikely to be completed in July, potentially leaving the club little time before the beginning of the next Premier League season a month today.

"We have never said the entire deal would be completed in July. We said all along we expected due diligence to be completed in such a time frame - now that has happened. I cannot possibly say when a final fee will be agreed," he said. "The deal is not closed until it is closed, like any financial transaction. But both parties want it completed as soon as possible to proceed in a good manner."

The news comes as Portsmouth are rumoured to have accepted an offer of around UK£12 million for England striker Peter Crouch from Sunderland.

blog comments powered by Disqus
Share |