Portsmouth have hit out at the 'false and untrue' quotes attributed to new owner Ali Al Faraj in a Saudi Arabian newspaper.
The Fratton Park club have issued a statement rubbishing claims that their new owner was only interested in making a quick return on his investment in the Fratton Park club.
Saudi newspaper Asharq al-Awsat published a story on Thursday which claimed to contain quotes from Al Faraj in which he suggested that the only reason for buying the club was to make a swift return on his investment.
He bought the club from Sulaiman al Fahim earlier in the month following his turbulent five-week reign during which the club's players were not paid.
The newspaper report also claimed that Al Faraj admitted to borrowing the £5million used to pay the players from three financial institutions.
"Portsmouth FC owner Ali Al Faraj would like to assure fans that quotes attributed to him in a Saudi Arabian newspaper and subsequently published in some of today's tabloid press are completely false and untrue," read the statement.
"Mr Al Faraj has not given any interviews to any form of the media and legal proceedings will now begin against the publications that published the alleged quotes and interview.
"The club believes this is the work of a third party who will also face legal action.
"The same Saudi Arabian newspaper last week published a story on Portsmouth FC quoting Sulaiman al Fahim and the content was subsequently retracted."