Businessman Alexandre Gaydamak is to become joint owner of Portsmouth after reaching agreement with chairman Milan Mandaric.
Gaydamak, 30, whose father is Russian billionaire Arcadi Gaydamak, would be an equal partner in the club.
Portsmouth stressed in a statement that the move would not affect manager Harry Redknapp’s position at the club.
“Contrary to press reports there is no question of Harry Redknapp’s position as manager of the club being under threat,” said the statement.
“He will have the full backing of Mr Alexandre Gaydamak and will continue to enjoy the full support of Milan Mandaric.
“The pair of them will work together closely to further develop all aspects of Portsmouth Football Club, Pompey stadium, Pompey village as well as a modern training facility,” said the statement.
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