Peter Storrie completed negotiations with the UN Goodwill Ambassador in Rome yesterday and a period of legal and financial diligence will begin next week so the takeover can be formally completed as soon as possible.
The details of the takeover haven't been revealed yet but reports in the middle east and sources elsewhere claim that Al Fahim will be taking over through Al Fahim Associates (AAA) which has been structured by private equity firm Falcon Group.
There is a very good article on arabianbusiness.com about Al Fahim and his intentions to continue the good work with the youth system as well as stabilising the squad by addressing all of the players who are out of contract this summer. If that is the case then I couldn't be more happy.
As a Pompey fan I can't help but think this is too good to be true but myself and other Pompey fans will have to pinch themselves as it looks like in a matter of time we will be supporters of one of the richest clubs in the country!
We must be cautiously optimistic as money does not guarantee success and I wouldn't want us to become the next Manchester City and throw cash at any big-name player who may do more bad than good.
However it looks like we will be entering another new era and the fears of a tough summer will be forgotten as we can look at keeping our best players and adding some top quality players to our small squad.
I wonder what Harry Redknapp is thinking right now?