(CNN) -- A United Arab Emirates businessman is to buy Portsmouth -- the Premier League club said on Wednesday.
Dr Sulaiman Al Fahim, the man behind the Abu Dhabi United Group takeover of Manchester City, was revealed as the purchaser on the club's official Web site.
"Portsmouth FC can confirm that it has accepted an offer from Dr Sulaiman Al Fahim to buy the club," said a statement.
"A period of formal legal and financial due diligence will commence next week," it read.
"We cannot make any further comment on the future structure of the club until this period has been completed."
Al Fahim, who is no longer part of the consortium that owns Manchester City, held talks with Pompey owner Alexandre Gaydamak in Rome ahead of the Champions League final.
Gaydamak took control of the south coast of England club in January 2006 from former co-owner Milan Mandaric, but the club is reported to have run into financial difficulties.
Jermaine Defoe was sold back to Tottenham Hotspur in January and it is reported that other star players such as Glen Johnson are up for sale.
Al Fahim created a stir shortly after the Manchester City buyout last year, giving an interview in which he claimed the club would target the likes of Cesc Fabregas, Fernando Torres and Cristiano Ronaldo.