PORTSMOUTH FC chairman Sulaiman Al Fahim is a wanted man in his native Dubai, it has been revealed.

An arrest warrant has been issued for the businessman, for allegedly failing to pay a debt of £1.4m.

The amount relates to a dispute over property venture with an investor from Azerbaijan.

According to UAE newspaper The National, Mr Al Fahim owes Dh8,634,836 - £1.46m.

The paper also claims the judge imposed a daily rate of interest of nine per cent since the start of court proceedings in January last year. The National calculates this to be a total of £65m (Dh374,579,070).

It is believed Mr Al Fahim has moved all of his funds out of the United Arab Emirates into overseas accounts.

In a in report in Arabian Business today, he said: "I am not running away from this, I am in Moscow and am actually here as part of an official UAE delegation promoting the chess industry. My lawyers are currently handling the matter and I am positive it will be resolved very soon.

"First let's be clear this is actually a civil case and not a criminal case, and one that has been running for some time.

"It is rubbish – I am not involved, I am the victim here. In fact if you look at the court documents you will see that the court states I have not received any monies from anyone regarding this project.

"But the customer making this complaint was not aware of it so he filed a case against all the three parties involved, including me. I have done absolutely nothing wrong and that will be shown in a very short time.

"Look, I am the victim, I am innocent. I believe in the UAE judiciary system led by His Highness Sheikh Mohammed. I know that it is a fair system, one I have great faith in, and that I can clear my name."

Sulaiman Al Fahim bought Portsmouth from Alexandre Gaydamak last year.

He was the owner for just 40 days before selling to Saudi businessman Ali Al Faraj, who never attended a Portsmouth match.

Mr Al Fahim still retains a 10 per cent stake in the Fratton Park club, although his chairmanship is a non-executive role.

The 32-year-old made his fortune through property deals, and was featured on the Hydra Executives, a Dubai TV show similar to The Apprentice in the UK.

He has also written a book on how to make money.

The arrest warrant only applied to Dubai, and not internationally.