Millionaire Vladimir Antonov is heading up consortium Convers Sport Initiative (CSI) who are bidding to take control at Fratton Park.
CSI, linked with Ferrari Russia and the Spartak Moscow ice hockey team, failed with a bid to buy Pompey's south coast rivals Bournemouth last year.
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Co-owner Chris Asker said: 'We have held talks with Portsmouth FC.'
In 2007 Antonov was named as one of Russia's 200th wealthiest businessman and is a majority shareholder in a Lithuanian bank.
Antonov added: 'If we do acquire control of a football club, we will dedicate our collective knowledge, skills, contacts and appropriate resources to make the chosen football club successful. 'This will always be our priority.
The news is a welcome surprise for Portsmouth fans, who took to the streets before Saturday's 1-1 draw with Derby to protest against current owner Hong Kong businessman Balram Chainrai.
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