As the early stages of the 2009–10 season progressed, the finances dried up and the club admitted on 1 October that some of their players and staff had not been paid. On 3 October, media outlets started to report that a deal was nearing completion for Ali al-Faraj to take control of the club. On 5 October, a deal was agreed for al-Faraj and his associates, via BVI-registered company Falcondrone, to hold a 90% majority holding, with Al-Fahim retaining 10% stake and the title of non-executive chairman for two years. Falcondrone also agreed a deal with Alexandre Gaydamak the right to buy, for £1, Miland Development (2004) Ltd., which owns various strategic pockets of land around the ground, once refinancing was complete. Two days after the al-Faraj takeover was completed, Portsmouth's former technical director Avram Grant returned as director of football. Because of the financial problems, however, the Premier League placed the club under a transfer embargo, meaning the club were not allowed to sign any players.
