The former chairman of Disney has moved a big step closer to taking over Portsmouth after entering an exclusivity agreement with the League Two club.

American billionaire Michael Eisner, who spent 21 years at Disney as chairman and chief executive before leaving in 2005, will now open negotiations with Pompey over a proposed takeover.

Portsmouth are currently England's largest fan-owned outfit, with Pompey Supporters' Trust taking control in 2013 following a tumultuous period in the club's history that saw them dip in and out of administration.

The board has welcomed today's news, however, saying in a statement: "Put simply, this [agreement] now enables the club to exclusively enter a period of negotiation and due diligence with Mr Eisner and his Tornante Group to establish the detailed terms he proposes.

"We can assure all fans that in the background we will now discreetly and privately engage in this next stage of discussions, while our focus will remain on supporting the football staff and players until the end of the season."

Eisner, who was in attendance at Fratton Park for Tuesday's 4-0 win over Grimsby Town, has also previously served as president of Paramount Pictures.