- Premier League
Al Fayed agrees Fulham sale to Khan
Shahid Khan, billionaire owner of the NFL's Jackonsville Jaguars, has agreed the purchase of Fulham from Mohamed Al Fayed.
Reports had emerged in recent days that Al Fayed was no longer willing to invest in the club and was in talks with Khan. A deal of between £150 million and £200m was agreed on Friday, and has reportedly already been sanctioned by the Premier League.
"Fulham is the perfect club at the perfect time for me," Khan said in a statement sent to the Associated Press. "I want to be clear, I do not view myself so much as the owner of Fulham, but a custodian of the club on behalf of its fans.
"My priority is to ensure the club and Craven Cottage each have a viable and sustainable Premier League future that fans of present and future generations can be proud of."
Al Fayed, 84, took charge of Fulham in the summer of 1997, with the club then in the third tier, and invested heavily as he set about turning the Cottagers into, as he put it, "the Manchester United of the South".
Under his ownership, Fulham were promoted to the second tier in 1999 and the Premier League in 2001. They have remained in the top flight since that time, and in 2010 the club reached the final of the Europa League.
Al Fayed, who in 2010 sold London department store Harrods for a reported £1.5 billion, is believed to have invested £200 million during his 16-year ownership of the club.
"By his hard work, vision and determination, Shahid Khan has become a living embodiment of the American success story," Al Fayed said. "His achievements speak for themselves. I met him twice prior to our successful transaction this week and have been very favourably impressed."
Al Fayed is set to speak further to the media about the sale on Saturday.