Ali al-Faraj
Encyclopedia
Ali al-Faraj is a Saudi Businessman, and formerly the majority stakeholder in Portsmouth Football Club
. It has been suggested that he may not exist.
, through Israeli agent Pini Zahavi
when the club was on the brink of financial meltdown. Faraj developed a consortium
with other investors and Storrie and bid for the club. Former owner Alexandre Gaydamak
dismissed the Saudi's bid and instead sold to Dubai
businessman Sulaiman Al-Fahim
. Just over 40 days later, al-Faraj purchased a 90% stake in Portsmouth
on 5 October 2009 through Falcondrone Ltd from Al-Fahim, who had underestimated the capital required to sustain the business, and faced difficulty attracting inward investment while former owner Alexandre Gaydamak
faced accusations of having transferred club assets to family companies at reduced fees, adding to the financial difficulties faced.
At the start of February 2010, it became public that al-Faraj had financed the purchase of the club by means of a £17M bridging loan from Balram Chainrai
's company Portpin Ltd. Within weeks, al-Faraj 'defaulted' on his payments, causing Chainrai to assume possession Falcondrone, and thus the football club.
Weeks later, Chainrai placed Portsmouth into Administration.
In October 2010, after High Court battles to agree a CVA and a late minute public display of brinkmanship between the club's administrator and former owners, Balram Chainrai
purchased the football club from its receivers to bring the club out of administration.
. The allegations are that Chainrai used Al-Faraj as a buyer for the club following a feud between Chainrai, and Arcadi Gaydamak
- found in Israeli court to be the de facto owner of Portsmouth FC. Gaydamak admits to using his son Sacha as cover for ownership of the club, allegedly as his convictions for gun running, sanctions busting, and outstanding warrants for his arrest necessitated the deception.
Whilst Chainrai has been vocal in his denial of the assertion he has not been as forthcoming about his previous dealings with Gaydamak. Chainrai successfully sued Gaydamak for damages around the time Al Faraj purchased Portsmouth Football Club. It is currently unclear whether the damages awarded to Chainrai had been paid. Fans therefore speculate that Chainrai's arrival at Portsmouth was intended to seize the club and liquidate it's assets by way of renumeration for the court order, with the Gaydamak family consequently extracting as much value from the club as was possible before the club's account was frozen.
. Faraj also has business interests in Saudi Uniform Manufacture, AKETIPS'S and Easyway Limited, which owns property in both Saudi Arabia and the UK
. 'He' is also married and has two daughters.
Portsmouth F.C.
Portsmouth Football Club is an English football club based in the city of Portsmouth. The club is nicknamed Pompey. Portsmouth's home matches have been played at Fratton Park since the club's formation in 1898. The team currently play in the Football League Championship after being relegated from...
. It has been suggested that he may not exist.
Portsmouth FC
Ali al-Faraj was allegedly introduced to Portsmouth via their then CEO Peter StorriePeter Storrie
Peter Storrie was a Director and the Chief Executive Officer of English Premier League team Portsmouth. He had formerly worked for West Ham United, Southend United and Notts County.-West Ham United:...
, through Israeli agent Pini Zahavi
Pini Zahavi
Pinhas "Pini" Zahavi is a football agent who has been involved in some of the most expensive and controversial transfer episodes of recent times....
when the club was on the brink of financial meltdown. Faraj developed a consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
with other investors and Storrie and bid for the club. Former owner Alexandre Gaydamak
Alexandre Gaydamak
Alexandre "Sacha" Gaydamak is a French businessman of Russian Ashkenazi Jewish descent, and also holds an Israeli passport. A member of the wealthy Gaydamak family, he is the son of Arcadi Gaydamak....
dismissed the Saudi's bid and instead sold to Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
businessman Sulaiman Al-Fahim
Sulaiman Al-Fahim
Sulaiman Abdul Kareem Mohammad Al-Fahim is the ex-CEO of the Abu Dhabi based Hydra Properties real estate development company, and president of the Arab Union for Real Estate Development...
. Just over 40 days later, al-Faraj purchased a 90% stake in Portsmouth
Portsmouth F.C.
Portsmouth Football Club is an English football club based in the city of Portsmouth. The club is nicknamed Pompey. Portsmouth's home matches have been played at Fratton Park since the club's formation in 1898. The team currently play in the Football League Championship after being relegated from...
on 5 October 2009 through Falcondrone Ltd from Al-Fahim, who had underestimated the capital required to sustain the business, and faced difficulty attracting inward investment while former owner Alexandre Gaydamak
Alexandre Gaydamak
Alexandre "Sacha" Gaydamak is a French businessman of Russian Ashkenazi Jewish descent, and also holds an Israeli passport. A member of the wealthy Gaydamak family, he is the son of Arcadi Gaydamak....
faced accusations of having transferred club assets to family companies at reduced fees, adding to the financial difficulties faced.
At the start of February 2010, it became public that al-Faraj had financed the purchase of the club by means of a £17M bridging loan from Balram Chainrai
Balram Chainrai
Balram Chainrai is a Hong Kong based businessman and property developer who nominally owned English Championship club Portsmouth Football Club.-Portsmouth:...
's company Portpin Ltd. Within weeks, al-Faraj 'defaulted' on his payments, causing Chainrai to assume possession Falcondrone, and thus the football club.
Weeks later, Chainrai placed Portsmouth into Administration.
In October 2010, after High Court battles to agree a CVA and a late minute public display of brinkmanship between the club's administrator and former owners, Balram Chainrai
Balram Chainrai
Balram Chainrai is a Hong Kong based businessman and property developer who nominally owned English Championship club Portsmouth Football Club.-Portsmouth:...
purchased the football club from its receivers to bring the club out of administration.
Conspiracy
It has been asserted by some Portsmouth fans that Al-Faraj is actually a pseudonym for Balram ChainraiBalram Chainrai
Balram Chainrai is a Hong Kong based businessman and property developer who nominally owned English Championship club Portsmouth Football Club.-Portsmouth:...
. The allegations are that Chainrai used Al-Faraj as a buyer for the club following a feud between Chainrai, and Arcadi Gaydamak
Arcadi Gaydamak
Arcadi Aleksandrovich Gaydamak, is a Russian-Israeli businessman, who was awarded the Order of the Legion of Honour. On April 29, 2011 the Court of Appeal in Paris acquitted him of charges of arms dealing...
- found in Israeli court to be the de facto owner of Portsmouth FC. Gaydamak admits to using his son Sacha as cover for ownership of the club, allegedly as his convictions for gun running, sanctions busting, and outstanding warrants for his arrest necessitated the deception.
Whilst Chainrai has been vocal in his denial of the assertion he has not been as forthcoming about his previous dealings with Gaydamak. Chainrai successfully sued Gaydamak for damages around the time Al Faraj purchased Portsmouth Football Club. It is currently unclear whether the damages awarded to Chainrai had been paid. Fans therefore speculate that Chainrai's arrival at Portsmouth was intended to seize the club and liquidate it's assets by way of renumeration for the court order, with the Gaydamak family consequently extracting as much value from the club as was possible before the club's account was frozen.
Profile
With a holding in petrochemical giant SABICSABIC
SABIC is a diversified manufacturing company, active in chemicals and intermediates, industrial polymers, fertilizers and metals. It is the largest public company in Saudi Arabia as listed in Tadawul, but the Saudi government still owns 70% of its shares...
. Faraj also has business interests in Saudi Uniform Manufacture, AKETIPS'S and Easyway Limited, which owns property in both Saudi Arabia and the UK
Personal
Ali is reported to have seven brothers and two sisters, including Ahmed al-Faraj who also claims a stake in SABICSABIC
SABIC is a diversified manufacturing company, active in chemicals and intermediates, industrial polymers, fertilizers and metals. It is the largest public company in Saudi Arabia as listed in Tadawul, but the Saudi government still owns 70% of its shares...
. 'He' is also married and has two daughters.