What a weird 36 hours in the wacky world of Portsmouth Football Club. However, perhaps there could be a light at the end of the tunnel.

Sulaiman Al Fahim's takeover is still on the rails - despite claims to the contrary from a blog with an axe being ground on a chip on the shoulder - as a welcome statement makes clear on the official site. This deal has been agreed. If it was going to fall through, it seems highly unlikely it would have got this far.

Just to have got to this point Al Fahim has already spent a considerable amount of money. Due diligence was certainly that with a team of accountants crawling all over Fratton Park for a couple of weeks or more. A substantial six-figure sum spent there, without a doubt.

And it is also highly likely that Al Fahim will have provided some evidence of his good faith in the shape of funds up front to complete the purchase. This deal is near the end, not the beginning, and although it is certain the total sum involved is somewhat less than the '£60 million' asking price at the start of play, it is neverthless still a multi-million pound affair.

It is also complex. Anyone who has bought a house will know that even that relatively simple transaction rarely meets the optimistic expectation of the estate agent.

The deal to buy Pompey was intially hoped to be done in seven weeks. It eventually may take 11 or 12. Frustrating, but not beyond the realms of what one might expect.

However, there is also another interesting complication, beyond the powers of the parties concerned. Article continues here

The loan the club has from a South African bank has been well documented. At somewhere in the region of £30 million it is a significant factor in this deal.

It is also generating substantial interest payments - another substantial six-figure sum every month - all the while it remains unresolved, but the bank's 'approval' for this takeover - as a 'significantly interested' party - to complete is apparently demanded by the Football Association, understandably keen to fine toothcomb this first takeover under their new rules.

That request is now well over two weeks old and yet it seems no one in the bank has been able to find a biro which works to sign off the paperwork. Excuse our cynicism, but the bank would drag their heels wouldn't they?

However, this is a matter between the FA and the bank. There is little PFC, Gaydamak or Al Fahim can do to expedite the matter. In the meantime, this takeover is in limbo, the club racking up unecessary payments and the 'crisis club' headlines continue to tarnish the club's reputation.

This seems to us a sorry state of affairs, which needs someone, somewhere to resolve sooner rather than later. Pompey and their fans are banking on it...

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