The man at the centre of the Manchester City takeover, Dr Sulaiman Al Fahim, has had an offer to buy Portsmouth accepted.
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Al Fahim was the initial figurehead of the Abu Dhabi United Group when they took control of the Eastlands club in the summer, but is no longer involved and has instead moved to make his own Premier League investment.
Reports from the United Arab Emirates suggest that Al Fahim has been in Rome with current Pompey owner Alexandre Gaydamak, discussing the deal.
The south coast club have confirmed that initial due diligence has been completed on the deal and are hopeful legal formalities can be finalised shortly.
An official statement on the club's website, www.portsmouthfc.co.uk, said: "Portsmouth FC can confirm that it has accepted an offer from Dr Sulaiman Al Fahim to buy the club.
"This follows initial due diligence and negotiations with Portsmouth executive chairman Peter Storrie on behalf of club owner Alexandre Gaydamak.
"A period of formal legal and financial due diligence will commence next week so that the transaction can be completed as soon as possible."
Gaydamak has been looking for a buyer since December, when he announced that he was no longer able to devote sufficient time to the club.
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