Sulaiman Al-Fahim, the Dubai businessman who fronted the takeover of Manchester City by Abu Dhabi investors, announced on Wednesday that he had become the sole owner of Portsmouth Football Club.

The Premier League club, owned for the past three years by Franco-Russian investor Alexandre Gaydamak, announced last month it had agreed a deal in principle with Mr Al-Fahim, but last week said that it was in talks with a consortium led by chief executive Peter Storrie.