Saudi property tycoon Ali Al-Faraj completed a takeover of Portsmouth on Monday night which the club claim will secure their financial future.
Former owner Sulaiman Al-Fahim sold 90% of the shares in Portsmouth to Falcondrone Limited, a company owned by Al-Faraj, freeing up funds to pay players and executives.
"The takeover will ensure Portsmouth Football Club's future is safe and will bring financial stability," read a statement on the Portsmouth website.
"Once the takeover is complete the club will undergo refinancing in order to grow and develop every part of the business.
"Mr Al-Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park."
Al-Fahim Asia Associates Ltd (AAA), owned by Al-Fahim, retains a 10% share in the club.
Al-Fahim himself will remain as non-executive chairman until at least the end of next season, while Peter Storrie will continue in his role as chief executive.
Al-Fahim was willing to relinquish full ownership in the "best interests" of Portsmouth, his spokesman Ivo Gabara said earlier on Monday, just 43 days after buying the club from Alexander Gaydamak.
Al-Faraj, 40, who will be joined on the board by his associate Mark Jacob, has already passed the Premier League's fit and proper person test following his involvement in the consortium that attempted to buy the club in late August.
Copyright (c) PA Sport 2009, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: https://www.givemesport.com/writeforgms