Portsmouth confirmed on Wednesday that a new consortium led by current chief executive officer Peter Storrie is in negotiations to buy the Premier League club.
With Sulaiman Al Fahim's proposed takeover still to be completed, Storrie has joined forces with the Arab businessman and other investors in an attempt to rescue the financially stricken Fratton Park outfit.
A statement on the club's website read: "A new consortium led by chief executive officer Peter Storrie is in negotiations with the new owner of Portsmouth FC to buy the Premier League club.
"The group are very positive about the talks and are confident that the deal can be completed. Sulaiman Al Fahim may partner the new consortium through Al Fahim Asia Associates.
"The necessary Premier League regulations and requirements regarding beneficial ownership will be complied with."
Current owner Alexandre Gaydamak has been trying to sell the club for several months and Al Fahim was in the stands at Fratton Park on Saturday to watch the opening game of the Premier League campaign, which Paul Hart's side lost 1-0 to Fulham.