**A new takeover of Portsmouth could move a step closer when lawyers representing owner Sulaiman Al Fahim and Saudi tycoon Ali Al Faraj meet on Monday.**BBC Sport understands an offer for a majority stake in the club will be made on behalf of the Al Faraj family.
Ivo Gabara, a spokesman for Al-Fahim, said: "Sulaiman’s lawyers are engaged in talks with lawyers for Al-Faraj. He expects an offer to be made.
“In the best interests of the club he is willing to forego full ownership.”
He added: “If or when an offer is on the table, it will be considered on its merits.”
The two men’s representatives were meeting in London, and Al-Fahim also met with Premier League officials.
BBC Sport understands Al Faraj, a business tycoon, has already passed the Premier League’s fit and proper person test.
He is believed to have supplied the club with a £5m bridging loan to pay the players’ wages.
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He was believed to be part of a consortium put together by club chief executive Peter Storrie and which was initially beaten to the takeover of the Fratton Park side when former owner Alexandre Gaydamak chose to sell to Al Fahim.
During that time, Al Faraj passed the Premier League’s fit and proper persons test for directors of football clubs.
Al Fahim recently told Pompey fans he would raise £50m to help the club’s precarious financial position and allow manager Paul Hart to strengthen his squad.
Gabara, talking to BBC 5 Live’s Sportsweek programme on Sunday, said he believed the refinancing deal was on course to be completed over the next three weeks, with two major financial institutions in Europe and the United States pledging loans.
Hart faced the departure of a number of key players in the summer as the club tried to raise money to help ease debts.
He finally led the south coast side to their first win in the Premier League on Saturday when they beat Wolves 1-0, but Pompey are still bottom of the top flight having played eight games.