"The owners of Portsmouth Football Club are pleased to announce that an agreement in principle has been reached over the sale of the club to Al Fahim Asia Associates," a statement on the club's website said.
Portsmouth also announced that Paul Hart had signed a two-year contract as manager after steering them clear of the relegation zone in a caretaker role last year.
The takeover was rubber-stamped after the Premier League confirmed that Al-Fahim was the first person to pass their new "fit and proper" control for prospective club owners.
Al-Fahim, a board member of the Abu Dhabi United Group for Development and Investment and who fronted the bid from Sheikh Mansour bin Zayed al-Nahyan for Manchester City last year, will also become the club's chairman.
"Based on the information provided the League has found no reason why Mr Al-Fahim would be liable to be disqualified as a director of a Premier League club," the Premier League 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," Al-Fahim said. "The club has a long and fine history of achievement that I intend to build on."
"I have every reason to believe that together with the new chairman we will be able to take this club forward to further achievements, building on the successes of the past three years," he said.
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