Billionaire set for takeover at Portsmouth

Portsmouth have accepted a bid from billionaire Dr Sulaiman Al Fahim to buy the club.

Al Fahim, a businessman based in United Arab Emirates, was the early figurehead when the Abu Dhabi United Group took control of Manchester City last year. However, he is no longer involved with City and has been negotiating this deal for himself in Rome with Portsmouth executive chairman Peter Storrie.

Pompey owner Alexandre Gaydamak is desperate to sell but the club have not released any details of the figures involved in the deal.

A club statement issued today said: "A period of formal legal and financial due diligence will commence next week so that the transaction can be completed as soon as possible. We cannot make any further comment."

Gaydamak bought out previous Portsmouth owner Milan Mandaric, who now owns Leicester City, for about £32million and the club won the FA Cup last year.