The League One side's fate hinges on an April court case, where administrators KPF will attempt to sell Fratton Park to the Trust and hand them complete control of the outfit
Portsmouth Supporters Trust are on the verge of completing their takeover of the League One outfit after announcing the exchange of contracts with club administrators KPF.
Pompey have been in administration for over a year and are currently bottom of England's third tier, while facing a 10-point deduction when they emerge from their financial turmoil.
However, the sale of Fratton Park remains in the balance with former owner Balram Chainrai valuing the ground at £10 million while the Trust hope to secure it for £3m - with a high court case in April set to decide the figure - but this latest development prevents a rival bid by a consortium led by the football financier Keith Harris.
"We are delighted to announce that, on Thursday afternoon, we exchanged contracts with PKF for the acquisition of PFC," Trust chairman Ashley Brown told reporters.
"We must now focus on securing the release of the charge on Fratton Park, which in turn will trigger the completion of the deal.
"We are on the verge of creating football history. Several thousand fans are already part of that and we urge others to now join us, so that they too will own a part of their club.
"We are confident of success in the court but we would still welcome the opportunity to settle quickly and allow us to start the job of rebuilding the club, with the community and supporters at its heart."
Iain McInnes, an individual investor, will become chairman if the deal goes through and he is looking forward to the possibility of ending a “very long and challenging” ordeal for the club’s fans.
He added: "I'm proud to be part of a group of people who have collectively pulled together to get us this far. Finally the fans can see the end of what's been a very long and challenging haul.
"We will not be counting any chickens just yet, particularly as there's due process to go through. However, I believe that, if a bid is to be judged on its merits, then there can be only one outcome. So let's get on and get this done. If you believe it, you can achieve it."