Businessman Alexandre Gaydamak is set to become joint owner of Portsmouth after striking a deal with chairman Milan Mandaric.
The 30-year-old French national, who is son of a Russian billionaire, is due to be an equal partner at Fratton Park and is reportedly set to provide fresh investment into the club.
An official club statement declared: "Portsmouth Football Club today confirmed it has reached an agreement in principle with Mr Alexandre Gaydamak over the future shareholding and development of the club."
Chairman Milan Mandaric will be delighted to welcome 30-year-old Alexandre Gaydamak to the club as an equal partner.
Gaydamak's father, Arcadi, is the owner of Israeli side Beitar Jerusalem but has lived permanently in Moscow since 2002.
A spokesman for Gaydamak senior declared he was crazy about football, and the passion apparently extends to his son.
Portsmouth stressed the arrival of Gaydamak would have no effect on manager Harry Redknapp's position.
