Thursday 23 March 2017 16:32, UK
Portsmouth are to enter into an exclusivity agreement with American billionaire Michael Eisner and his Tornante Investment Group over a proposed takeover of the club.
The agreement ensures that during the period, which will be 70 days, the Sky Bet League Two club will not engage in discussions with any other potential bidder.
Eisner's net worth was summarised at $1bn by Forbes magazine in 2015, ranking him 11th in their "Hollywood's richest power brokers" list.
The 75-year-old, who is also a former chief executive of Walt Disney, tweeted: "Exciting times! Looking forward to coming over and meeting you all. Good luck against Newport County on Saturday!! #Pompey #PUP."
Portsmouth assured their supporters on Tuesday that they had a "robust plan in place" to deal with any potential takeover.
The Pompey Supporters' Trust, who are currently the majority stakeholders in the club, admitted it was "their duty to listen to any serious and credible offer".
Former administrator Trevor Birch, who was involved in the talks that led to the PST acquiring Portsmouth in 2013, will advise the club once again during the negotiating process.
Eisner is expected to outline his plans for Portsmouth to all shareholders, who will then be asked by the club and the PST to vote to either accept or reject the offer.
Portsmouth became the first club in Premier League history to enter administration in 2010 as they began their slide down to the Football League's bottom tier.
They entered administration once again in 2012 and exited a year later with the club in League Two.
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