A consortium of South African executives is understood to be in the advanced stages of finalising a £70 million deal to take over the FA Cup holders, Portsmouth, according to UK press reports.
It is thought Greg James, the chief executive of Central Rand Gold, one of the largest gold-mining companies in the South Africa, is being advised by the Israeli agent Pini Zahavi and has been in talks with the owner, Alexandre Gaydamak.
The South African is said to be confident of completing a deal with Devondale Investments, the Gaydamak holding company, and the process of due diligence is about to start. The deal would mark the second takeover in less than three years at Portsmouth.
