Dubai businessman Sulaiman al-Fahim's inability to say where the cash is coming from to fund the acquisition of Portsmouth Football Club is putting the deal in jeopardy, and tying Hydra Properties CEO, and the media, in knots.
Ownership has become a central issue for football clubs in the UK because of a 'stricter fit-and-proper-persons test', a new set of rules implemented by the country's Football Association.
The required transparency is putting the deal under pressure, with the story as to who Portsmouth's investors are changing every time it is put under the spotlight.
Fahim had initially said that the acquisition of Portsmouth Football Club would be funded by Falcon Equity, with “heavyweight investors” from the Far East who would provide the financial muscle.
However, after it became clear those personalities would need to be scrutinised by the Football Association, Fahim backtracked saying the acquisition would be paid for from his own pocket.
That statement backed up Pompey's chief executive, Peter Storrie, who stated: "There are no Middle East or Asian consortiums involved. It is being solely financed by Fahim."
That, however, appears to be untrue.
A Fahim spokesman, Ivo Ilic Gabara, admitted last week that the Hydra Properties' CEO would reveal who the backers of his investment vehicle are if required to do so.
"We'll meet the full requirements of the Premier League," Gabara told UK newspaper the Observer. "If there are investors that fall within the criteria for disclosure under league rules we'll disclose them."
The stumbling block for the Fahim fronted takeover is the desired anonymity of those investors. Gabara admitted that if it was a requirement of the FA, and investors refused to reveal themselves, it could threaten the deal.
Backers are said to be involved "on condition of anonymity".
The Premier League has now confirmed that it will examine closely the business connections of Fahim, the prospective buyer of Portsmouth, because his company Hydra Properties is part of a wider business group chaired by the full brother of Manchester City's new owner, Shiekh Mansour bin Zayed al-Nahyan.
No one owner can have interest in two clubs according to Premiership rules.
That is despite the fact that Fahim has stated that his acquisition of Portsmouth is not related to his position as Hydra CEO.
“Let me be very clear in saying that my involvement in Portsmouth has nothing to do with Hydra,” he has said.
The shadowy nature of Fahim's backers is also allowing speculation that former Manchester City owner, and former Thai prime minister Thaksin Shinawatra may be involved.
Fahim has repeatedly denied Shinawatra's involvement.
Shinawatra has also now denied any involvement in a statement released on Saturday.
As someone convicted of fraud in his native Thailand, Shinawatra would fail the FA's Fit and Proper Persons test.
Shinawatra's involvement keeps bubbling to the surface because of the link between Fahim and Storrie is Shinawatra's chief of staff, Pairoj Piempongsant.
Storrie is alleged by the UK's Sun newspaper to have been introduced to Fahim by the former Thai PM's aide.
Maktoob Business attempted to contact Fahim to confirm this position. Our calls went unanswered.
Collateral damage in all of this has been the reputation of Fahim himself. The Hydra Properties' CEO has embarrasingly been forced to deny he used the title Dr., even though it features on the Hydra Properties website, at the time of writing.
Fahim's inability to be completely transparent regarding the takeover, is also beginning to unsettle key players.
"There are 15 players out of contract, no one knows who the manager is and we don't even know who the owner is," Portsmouth and England player Peter Crouch said on Sunday on the Guardian website.
"Everyone at the club wants reassurances about what is going to happen in the summer. And I'll certainly be asking."
Perhaps a sign the club is losing belief in Fahim, Portsmouth on Sunday admitted the sale of one of its star players, Glen Johnson, would likely go through this week.
This is exactly the kind of sale that the Fahim takeover was designed to prevent. The Johnson sale would reduce Pompey's debts by around $30 million.