EXCLUSIVE - Why did Gaydamak sell to Al Fahim?
By Colin Farmery
Tuesday 05 Jan 2010 16:30:00
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In the second part of an exclusive interview with Sacha Gaydamak, the former owner of Portsmouth FC, Colin Farmery and truebluearmy.com can reveal his thoughts on the questions fans wanted asking:


Part Two: Why did Gaydamak sell to Al Fahim?

CF: This whole scenario began when you decided to sell to Mr Al Fahim. Why did you sell to him when there were clearly doubts over his ability to complete the deal?
SG: (Emphatically) I had no doubts he could complete the deal!

So how did you assure yourself Al Fahim had the necessary resources to buy the club?
There were three things. Firstly he was represented by some highly reputable people. Very thorough due diligence was done. As the seller I am not entitled to see that report, but after it was complete we negotiated the deal. Secondly, he deposited £5 million in Portsmouth FC's account. Finally I saw the terms sheet Mr Al Fahim had for £50 million in credit. I was very comfortable with that.

Is it true you lent the £5 million to Al Fahim?
(Exasperated) That is not true! The money came from one of Al Fahim's personal accounts and was deposited in Portsmouth FC's account. In simple terms Al Fahim, how do you say, put his money where his mouth was. He was the only guy who was able to do this. Article continue here


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You said that you would only sell to an individual or consortium that was in a position to take the club forward. How do you justify that statement in the light of the last few months' events?
In two words 'Manchester City'. Sulaiman was the guy who did that deal. He put the £5 million cash into PFC, I have seen his terms statement for the credit. He looked very credible and I still believe he is. I had absolutely no reason not to believe him. Remember, this guy met [Roberto] Mancini is July. Why wouldn't I trust him? He did everything he could to convince me. Subsequently, Al Fahim decided to sell six weeks later for whatever reason. You would need to ask him why he did that.

Part One: The debt position at PFC when Gaydamak sold to Sulaiman Al Fahim
Part Three: What is his relationship with the Al Faraj consortium? (coming soon)
Part Four: How did Sacha Gaydamak run PFC? (coming soon)
Part Five: What will happen to PFC in the future? (coming soon)

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