“Sulaiman al-Fahim welcomed this agreement and looks forward to helping the club build on its impressive history and achieve new successes in the Premier League,” read a statement on the club’s website, as reported by Reuters.
Al-Fahim is a board member of the Abu Dhabi United Group for Development and Investment and led the bid to purchase Manchester City last year.
The purchase could herald relief for Portsmouth, which has had to sell some of its best players to pay off mounting debts, and is without a point in the Premier League so far this season.
