Sulaiman Al Fahim has been appointed chairman of Portsmouth with immediate effect after the Premier League today gave his takeover bid the green light.
The UAE-based businessman became the first prospective new club owner to pass the Premier League's fit and proper person test.
Portsmouth confirmed that current owner Alexander Gaydamak had reached an agreement "in principle" to sell the club to Al Fahim Asia Associates.
Al Fahim, the sole owner and chairman of the company, said: "I very much look forward to working closely with the club's management and supporters to develop Portsmouth Football Club and deliver future success. The club has a long and fine history of achievement that I intend to build on."
Al Fahim was the initial figurehead of the Abu Dhabi United Group when they took control of Manchester City in the summer of 2008.
He is no longer involved but did not drop his interest in the Premier League.
In January, Al Fahim he was linked with a bold move for Chelsea, who are owned by Russian billionaire Roman Abramovich before agreeing to buy out Portsmouth.
Gaydamak had announced last December he was looking for a buyer because he was unable to devote sufficient time to the club.
Peter Storrie, who has agreed to continue as Portsmouth's chief executive, added: "This appointment brings stability to the club and is excellent news for Pompey supporters.
"I have every reason to believe that together with the new chairman we will be able to take the club forward to further achievements, building on the successes of the past three years."