The Guardian's website reported that the takeover is being subject to more investigations because of fears Thaksin might have a hand in it.
Reports in the Gulf claimed Fahim had completed his takeover and they were fuelled by the Pompey chief executive, Peter Storrie, who yesterday implied on Portsmouth's website that the club had exited a formal takeover period. Fahim has passed the Premier League's "fit and proper person" test and is now permitted to take a position on a club's board.
However, according to the Guardian, despite his being installed as chairman, the paperwork that will formally give him ownership of the club has not been processed and the Premier League will seek to ensure that he is not acting for any third parties before allowing the deal to go through. It said yesterday: "As with all changes in club ownership, the Premier League will continue to monitor any material changes in circumstance."
"The league's caution is understandable since it must be satisfied he is not acting as a representative for Thaksin Shinawatra. The former Thai prime minister is understood to be living in Dubai and described himself last month as a "close friend" of Fahim but he would not pass league governance tests having been found guilty of corruption in absentia and sentenced to two years' jail in Thailand last year," The Guardian said.
Thaksin's long-term adviser, Pairoj Piempongsant, was reportedly involved in the introduction of the two men. Fahim's initial admission that his Al Fahim Asia Associates investment instrument had backers from the Gulf and the Far East prompted scrutiny of his relationship with Thaksin.
Fahim has since claimed he is the sole shareholder of Al Fahim Asia Associates, with Thaksin distancing himself from involvement at Portsmouth, The Guardian said.
The league is under pressure to uphold its ownership regulations, with a report from the inter-governmental Financial Action Task Force stating last month: "Many clubs are financially in bad shape and their financial trouble could urge football clubs to accept funds from dubious parties."
It added: "Football clubs are indeed seen by criminals as the perfect vehicles for money laundering [and] criminals often seek a status outside the criminal world, and football can offer the opportunity for acquiring such a patron status."
Fahim, 32, becomes chairman of a heavily indebted club with only 14 outfield players in the first-team squad. However, he has persuaded Paul Hart to accept a two-year contract as manager and Storrie, who is among the highest-paid executives in the Premier League, remains as chief executive.