Arab tycoon set for Portsmouth takeover

"Portsmouth football club can confirm that it has accepted an offer from Dr Sulaiman Al-Fahim to buy the club," a club statement read.

"This follows initial due diligence and negotiations with Portsmouth executive chairman Peter Storrie on behalf of club owner Alexandre Gaydamak."

Al-Fahim, who is a board member of Abu-Dhabi United Group, was largely involved in the oil-rich company's buyout of Manchester City last year.

However, it seems that he is negotiating on his own with Pompey, who said that a deal is expected to be concluded within the next two weeks.