Al Fahim was the initial figurehead of the Abu Dhabi United Group when they took control of Manchester City last year but is now acting for himself.
However, the deal has yet to be fully completed while players have been sold - striker Peter Crouch to Tottenham for £10m and defender Glen Johnson to Liverpool for £17.5m.
And in a private email obtained and published by The Sun newspaper, club executive chairman Peter Storrie conceded the lack of progress was making long-term planning difficult.
"Until this takeover happens, neither the old nor the new owner is placing any money into the business," Storrie was quoted as saying.
"The business has debts to pay and the banks are not releasing funds, so this leaves the club with no option but to sell to keep going.
While it is our intention to add strength to the existing squad we cannot rule out the possibility of having to sell more players should the takeover not happen
"I agree we need new players, a stadium, but we can't do it without finance and we've had none of this for more than nine months."
A statement released by Portsmouth on Tuesday backed up Storrie's comments about the club's financial state.
"During this transitional phase the priority is to keep Portsmouth Football Club operating," it read.
"While it is our intention to add strength to the existing squad we cannot rule out the possibility of having to sell more players should the takeover not happen.
"However, we are assured that Sulaiman al Fahim is committed to buying the club and investing in all areas, including the playing personnel.
"Everyone at the club shares the frustration of supporters. We know only too well that we need to add to the first-team squad but at this moment in time there is a limited amount we can do until the takeover is completed."
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