Portsmouth chief executive Peter Storrie has targeted a plunge into the January transfer market following the takeover by Ali Al-Faraj.

Billionaire Al-Faraj takes control of the Fratton Park outfit after his company Falcondrone Limited bought a 90 per cent stake from Sulaiman Al-Fahim.

Storrie is hopeful the latest change in ownership will create a pool of transfer funds which Pompey manager Paul Hart can use to strengthen his squad.

"Ali Al-Faraj wants to take the club forward," Storrie said in The News. "He wants to build a stadium and training ground and obviously he's got to fight a few fires for the next week or two and put them out.

"Obviously he will look at the team and move the team forward I'm sure come the January transfer window."

Pompey lie bottom of the Premier League after a poor start to the season, and more additions are likely to come when the transfer window opens.

The South Coast side let much of last season's squad go during the summer but signed 14 new players a flurry of activity.

Al-Fahim was willing to relinquish full ownership in the "best interests" of Portsmouth 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.

On that occasion, Al-Faraj missed out when former owner Alexandr Gaydamak opted to sell his majority shareholding to AAA.

But Storrie brought Al-Faraj back to the table when doubts began to grow that Al-Fahim could attract the necessary funding in time to stop the club going bust.