By the BBC, they say they've delivered it...
http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8519103.stmAnd I see previous owner al Fahim is in trouble in Dubai :
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100217/NATIONAL/702169823/1133/BUSINESS DUBAI // A court has issued an arrest warrant for Sulaiman al Fahim, the former public face of Hydra Properties and host of the business-themed reality television show Hydra Executives, for failing to pay a debt of more than Dh8 million.
The warrant was issued last Thursday after a ruling against Mr al Fahim by the Dubai Property Court in January last year in connection with a property dispute.
An investor from Azerbaijan demanded to be repaid after a development by Mr al Fahim’s company, Al Buraq Development and Investment, failed to go ahead in Dubai, court documents show.
An arrest warrant has also been issued against Saqr Abdullah Mohammed, the owner of another Dubai company involved in the deal, Ghantoot Star General Trading.
The Dubai Property Court ordered Mr al Fahim, who is also the former owner of the English Premier League football club Portsmouth, to repay the Azerbaijani investor, identified as AM, a total of Dh8,634,836 (US$2.3m) – the original Dh8m he invested plus court and legal fees.
In its judgment, the court said a nine per cent daily penalty would be imposed from the date of the first court hearing until the date the sum was repaid. By that rule, it would mean that, up until today, Dh374,579,070 was owed.
Mr al Fahim, who is believed to be in Britain, faces only a local arrest warrant, not an international one.
Sources close to the investigation said an Interpol red notice had not been filed. It would be the likely next step for the UAE authorities should they want Mr al Fahim extradited. Mr al Fahim would be arrested if he were to re-enter the UAE or any UAE embassy or government building.
A spokesman for Mr al Fahim was unable to comment on the case.
The court documents said Mr al Fahim had cleared almost all his assets from this country. Inquiries sent by the court to local banks found that Mr al Fahim had transferred all his local funds to undisclosed overseas locations.
The Dubai Land Department said he personally owned only one plot of land in the emirate, in Mirdiff, and sold it after the court judgment was issued against him on January 14 last year.
It was also disclosed that Mr al Fahim owned assets worth only Dh3,000 in stocks in the UAE.
The court said in its judgment sheet that the amount demanded was large in comparison to the amount requested by the plaintiff, but was small in comparison with the assets Mr al Fahim is believed to hold.
The judgment was issued to effect immediate repayment by the defendant, it said.
The case was registered on October 24, 2008, after AM signed purchase contracts with Al Buraq Development and Investment for two floors, off-plan, at the Sky Tower development in Business Bay.
AM bought floors 12 and 14 of the tower for Dh23,102,343. In June 2006, he paid just over Dh8m up front.
The investor was promised that the tower would be completed by the end of 2008. But one year into the project, he learnt that building work had not started and he decided to investigate.
Dubai Properties, which initially owned the land, even claimed that the land was never handed to Al Buraq Development and Investment in the first place, as Al Buraq did not meet the terms of the deal that had been agreed.
In November 2008, Mr al Fahim’s defence lawyers told the court that the plot was sold to Ghantoot Star General Trading for Dh97,500,000 and that Al Buraq and Mr al Fahim no longer had any involvement in the case.
The legal team asked for Mr al Fahim’s name to be dropped from the case.
The court refused to drop the case against Mr al Fahim, saying the deal was made between him and the plaintiff before the alleged sale of the project. The plot remains undeveloped.
Mr al Fahim, 32, amassed a fortune through his Abu Dhabi-based Hydra Properties empire, which is behind a number of developments across the UAE.
He has regularly courted the limelight, particularly in his role as host of the Hydra Executives reality TV programme.
In March last year, he was named the world’s fourth most influential Arab by Arabian Business magazine and was elected as the first president of the newly formed Arab Union for Real Estate Development.
He hit the international headlines last year with his protracted purchase of ailing Portsmouth FC.
The deal took almost three months to complete and his ownership lasted little more than 40 days after he failed to inject capital and pay the players’ wages on time.
This triggered a takeover by the Saudi Arabian property magnate Ali al Faraj.
Mr al Fahim, who stepped down as chief executive of Hydra Properties during his purchase of the club, remains on the company’s board.
Neither Mr al Fahim nor Ghantoot Star General Trading were available for comment last night.
