Balram Chainrai was appointed as chairman in October 2010
Portsmouth have confirmed they have held talks with Russian consortium Convers Sport Initiative (CSI), who are interested in buying the club.
CSI, who are involved with Ferrari Russia and the Spartak Moscow ice hockey team, were behind a failed bid for Bournemouth last summer.
CSI co-owner Chris Akers told The Portsmouth News: "We've held talks with several clubs, including Portsmouth FC.
"However we cannot comment any further on the status of these negotiations."
In the statement released to The Portsmouth News, CSI chairman Vladimir Antonov added: "If we do acquire control of a football club, we will dedicate our collective knowledge, skills, contacts and appropriate resources to make the chosen football club successful. This will always be our priority.
"This accumulated experience and knowledge will benefit the selected football club, its players, employees and partners involved, but most of all - the club's loyal fans and the community."
The news could come as a welcome surprise to some Portsmouth supporters, who have been dissatisfied with Balram Chainrai as Pompey boss since his arrival at Fratton Park in February 2009.
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