The deal will allow the current administrators to sell the club to new owners, which will then see the Npower Championship side exit administration. The club had a previous proposal rejected by the Football League last week but now the parties have reached an agreement.
A statement on the club’s official website said: “Portsmouth Football Club can confirm that agreement in principle has now been reached between the administrators, prospective new owners and The Football League over the four further requirements.
“This will then allow the sale of the club by the Administrators to the new owners, at which point Pompey will exit administration.”
The club has been in administration for several months with debts amounting to over £100m at the end of last season.