Portsmouth confirmed on Tuesday owner Alexandre Gaydamak has accepted an offer from Dr Sulaiman Al-Fahim to buy the club.
Property magnate Al-Fahim previously helped broker the deal that saw Manchester City bought by Sheikh Mansour. Al-Fahim is also on the board of Abu Dhabi United Group - the group which bought City.
But this time Al-Fahim and his AAA consortium will plough their own money into the south coast club and plan to rebuild the Premier League strugglers from top to bottom.
"Portsmouth football club can confirm that it has accepted an offer from Dr Sulaiman Al-Fahim to buy the club," read a statement in the club's official website, www.portsmouthfc.co.uk.
"This follows initial due diligence and negotiations with Portsmouth executive chairman Peter Storrie on behalf of club owner Alexandre Gaydamak.
"Peter Storrie concluded the deal with Dr Sulaiman Al-Fahim in Rome on Tuesday night.
"A period of formal legal and financial due diligence will commence next week so that the transaction can be completed as soon as possible.
"The club cannot make any further comment on the future structure of the club until this period has been completed."
Pompey current owner Gaydamak has said publicly that he wants to sell the club and was on the brink of a mass player clear-out to get the club's big earners off the wage list.
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Property magnate Al-Fahim previously helped broker the deal that saw Manchester City bought by Sheikh Mansour. Al-Fahim is also on the board of Abu Dhabi United Group - the group which bought City.
But this time Al-Fahim and his AAA consortium will plough their own money into the south coast club and plan to rebuild the Premier League strugglers from top to bottom.
"Portsmouth football club can confirm that it has accepted an offer from Dr Sulaiman Al-Fahim to buy the club," read a statement in the club's official website, www.portsmouthfc.co.uk.
"This follows initial due diligence and negotiations with Portsmouth executive chairman Peter Storrie on behalf of club owner Alexandre Gaydamak.
"Peter Storrie concluded the deal with Dr Sulaiman Al-Fahim in Rome on Tuesday night.
"A period of formal legal and financial due diligence will commence next week so that the transaction can be completed as soon as possible.
"The club cannot make any further comment on the future structure of the club until this period has been completed."
Pompey current owner Gaydamak has said publicly that he wants to sell the club and was on the brink of a mass player clear-out to get the club's big earners off the wage list.
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