Al-Faraj successful purchase comes after a previous failed attempt to buy the club in August, when former owner Alexander Gaydamak sold his majorityshareholding to Al Fahim instead.
Controversial businessman Hammam brought an end to his six-year tenure as Cardiff City chairman in October 2006 after agreeing to sell his majorityshareholding, with former Leeds United chief Ridsdale taking over the role at the south Wales club.