BALRAM Chainrai claimed a deal could be done in two weeks with Convers Sports Initiative.
But this will not necessarily mean the men behind the bid will hold the keys to Fratton Park within a fortnight.
They need to pass the Football League’s Fit and Proper Persons Test (FPPT), which was beefed up in the wake of Pompey’s crisis last season.
The test is self-certificating – prospective directors have to download it from the Football League website, fill it in and post it.
It then goes before the Football League board who can rubber-stamp it, refuse it or demand to know more.
A Football League spokesman refused to confirm or deny whether Pompey’s prospective owners have submitted the FPPT form, saying it was confidential information.
You can fail the FPPT if you: are directly or indirectly involved in running another club; hold ‘significant’ shares in another club; are subject to a ban or suspension from owning a club by a governing sports body; breach FA rules on betting; have an unspent conviction that comes under the Dishonest Act; are a registered offender; have an unspent conviction of 12 months or more; are disqualified from being a director of a firm; are bankrupt; were director of a club that suffered two unconnected insolvency events; or are director of at least two clubs that suffered insolvency.