According to The Daily Mirror, the Championship club have been sold for £35m, with a deal brokered by Keith Harris.
The Daily Telegraph have subsequently expanded on the story, revealing the new owner is Bassini.
In a Tweet, John Percy stated: ‘Laurence Bassini has exchanged contracts on a takeover at Birmingham City and is confident of completing a deal. EFL approval needed, which is the next step.’
During Pompey’s 14-month administration from February 2012, he was among a number of interested parties to step forward with a view to buying the club.
That involved a 30-minute phone call with Portsmouth Supporters’ Trust director Mick Williams, pledging £14m and to get Pompey back into the Premier League.
However, he was against fan involvement and a potential partnership with the Trust never came to fruition.
Subsequently, in April 2014, fan ownership was installed at Fratton Park to prevent liquidation and remained the case until the club’s sale to Tornante in August 2017.
In March 2013, Bassini, who has been bankrupt twice, was banned from involvement in a position of authority with any Football League club for three years, having been found guilty of misconduct and dishonesty over financial dealings at Watford.
According to The Daily Mirror, Birmingham will be run by a board of directors, which will not include new owner Bassini.
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