Portsmouth have revealed that businessman Alexandre Gaydamak is to become joint owner with current chairman Milan Mandaric.
Gaydamak, a French national, is the son of Russian billionaire Arcadi Gaydamak, who owns Israeli club Beitar Jerusalem.
“Portsmouth Football Club can confirm it has reached an agreement in principle with Mr Alexandre Gaydamak over the future shareholding and development of the club,” Portsmouth said in a statement.
“Chairman Milan Mandaric will be delighted to welcome 30-year-old Alexandre Gaydamak to the club as an equal partner.
“Contrary to press reports this morning, there is no question of Harry Redknapp’s position as manager being under threat.”