Portsmouth chairman Milan Mandaric has assured manager Harry Redknapp his job is safe after striking an agreement in principle with a Russian billionaire's son over the club's future shareholding and development.
Thirty-year-old Alexandre Gaydamak has been accepted as an equal partner at Fratton Park and his arrival could result in massive investment in the team and facilities.
Redknapp is poised to raid the January transfer market to strengthen a team who remain in the bottom three despite an improved recent run of results.
There could be up to five players arriving at Portsmouth before the transfer window closes at the end of January.
It is believed that Serbian-American businessman Mandaric has accepted a £15 million bid for a half share in the club, with an option in place for Gaydamak - a French national - to buy the other half at a later date.
Mandaric has only three fellow directors at Portsmouth - television personality Fred Dinage, chief executive Peter Storrie and entrepreneur Terry Brady - and has spent heavily since taking control in 1999.
Gaydamak will not only become the Premiership's youngest owner - or joint-owner - but also instantly make Portsmouth one of the Barclays Premiership's most financially stable clubs. Their chances of avoiding the drop are certain to be handed a major cash boost.
His family's wealth is not thought to rival that of Chelsea owner Roman Abramovich, but Gaydamak nevertheless seems set to back the club in their mission to stay afloat in the Premiership this season.
His Moscow-born father, Arcadi Gaydamak, already has experience of running a football club as he owns Beitar Jerusalem.
A club statement confirmed: "Mr Alexandre Gaydamak is a French national is a businessman and French national who has spent much of his time in the last 10 years in the UK, maintaining business interests in Europe.
"Under the new ownership arrangement the club's current business and football structure as well as operations will remain unchanged.
"The pair will work closely together to develop all aspects of Portsmouth Football Club, Pompey Stadium and Pompey Village as well as a modern training facility.
"Milan has previously expressed his willingness to have a partner on board to enable him to dedicate more time to his family although Portsmouth will continue to be his prime concern.
"Contrary to press reports this morning, there is no question of Harry Redknapp's position as manager of the club being under threat. He will have the full backing of Mr Alexandre Gaydamak and will continue to enjoy the full support of Mr Milan Mandaric."
