Sulaiman al Fahim is to stand down as non-executive chairman of Portsmouth and will give his 10 per cent shareholding to the supporters’ trust.
The Dubai businessman is one of four different people to have owned the Premier League club this season, having taken over from Sacha Gaydamak last summer before selling Pompey to Ali Al Faraj.
Portsmouth could soon have a fifth owner of the campaign after chief executive Peter Storrie revealed on Sunday evening that he is waiting to receive proof of funds from a South African consortium.
“It’s a very simple, straightforward position,” he told Sky Sports News.
“As far as general negotiations are concerned that’s about complete. It is now all about proof of funds. If proof of funds can come through bona-fide banks then Balram Chainrai is in London and is prepared to push ahead and get the deal done.
“The ball is very much in their court to show us they have the actual funds.
“We’ve gone through too many things over the last year, people that have come in who have said they have the funds to take the club forward, when they haven’t.
“This is all about proving to us, the board and the owner, that the money is there to take the club forward.
“To be fair to them they have provided proof of funds through a lawyer, but we need to see it from a bank. We need to see it, the Premier League need to see it, everyone needs to see it.”