Portsmouth Football Club (PFC) has confirmed that it has accepted an offer from businessman Sulaiman Al Fahim to acquire the Premier League club from current owner Alexandre Gaydamak.

Al Fahim, who was involved in the Abu Dhabi United Group's (ADUG) acquisition of Manchester City Football Club (MCFC) last year, has agreed a deal with PFC chief executive Peter Storrie following a series of negotiations. It is not yet known how much the club has been sold for, but a statement from the club has revealed that a period of legal and financial due diligence will start next week in order to secure the deal.

A spokesperson for the club said: "The club cannot make any further comment on the future structure of the club until this period has been completed." In December, Gaydamak said that increased business commitments was the reason behind his decision to sell, although he said that any buyer would have to guarantee to commit to a new stadium and training ground.