Balram Chainrai's proposed takeover of Portsmouth could take a decisive step next week when a meeting of the Football League board will decide next Thursday whether to ratify the Hong Kong businessman again taking control of the club.
Chainrai was in charge of Portsmouth last season when it was forced into administration during a troubled 18 months, which featured four different owners and severe financial mismanagement, and ended in relegation from the Premier League.
The club exited administration after its creditors voted to agree a Company Voluntary Agreement that pays each of them 20p in the pound over five years, which amounts to around £16m.
If Chainrai does become the new owner he faces a challenge to maintain Portsmouth's Championship status. An already skeletal squad lost Marc Wilson, the captain, and Tommy Smith during the transfer window before it shut yesterday, with Liam Lawrence and Dave Kitson joining Steve Cotterill's team.