Portsmouth Football Club (PFC) has confirmed that Falcondrone Limited has acquired a 90 per cent stake in the Premier League club, just weeks after it was taken over by Sulaiman Al Fahim.

Al Fahim, the United Arab Emirates-based businessman, bought the club from Alexandre Gaydamak on 26 August, but concerns were raised after players reportedly failed to receive their wages at the end of September. However, a PFC statement revealed that Falcondrone - owned by Saudi Arabian businessman Ali Al Faraj - had completed the acquisition on 5 October to provide funds to pay players and the executive board.

A PFC spokesperson said: "The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability. The club will undergo refinancing in order to grow and develop every part of the business." The news comes as it was revealed that half of the 20 English Premier League clubs are now under foreign control, following the takeover of Birmingham City Football Club by Carsten Yeung.

Speculation has also been raised over a possible takeover of Liverpool Football Club (LFC), after it was reported that Prince Faisal bin Fahd Abdullah al-Saud told a Saudi Arabian newspaper that he was seeking to acquire 50 per cent of the club from its current US-based owners, Tom Hicks and George Gillett. F6, a company owned by the Saudi Prince, has recently secured a commercial deal with Gillett that will result in the creation of new LFC academics in the Middle East region.