The man at the centre of the Manchester City takeover, Dr Sulaiman Al Fahim, is on the verge of buying Portsmouth after the club announced last night they had accepted an offer from the billionaire businessman.
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.
"Portsmouth FC can confirm that it has accepted an offer from Dr Sulaiman Al Fahim to buy the club," read an official statement on the club's website.
"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.
Since then the club have endured a turbulent time, with Tony Adams being sacked as manager only 16 league games - and just two wins - after replacing Harry Redknapp.
Youth coach Paul Hart was then asked to steer relegation-haunted Pompey to safety, a feat he managed in partnership with assistant Brian Kidd.
The pair's future has yet to be resolved, leaving Al Fahim the option of bringing in his own management team should the deal go through.