Ahsan Ali Syed, who solely owns Los Racinguistas, will purchase around 50% of the club currently owned by property developer Terry Serepisos.
Reports suggest that a $100million-plus loan deal has been negotiated and will be confirmed in March after more conditions between the parties had been met.
Serepisos, whose Century City group of companies have been struggling recently, said that this move would be enormous for the Phoenix and football in New Zealand.
"It's my time to be able to hit back and tell people what's going on ... I have been hit, hit, hit, by all these small people who want to pull me down. I've had enough of it,” he said.
"I am doing the best for the Phoenix, the best for the city and the best for football ... What could become of this for football in New Zealand is huge. It's bigger than Ben Hur."
Mr Ali manages financial consultancy Western Gulf Advisory and was recently close to purchasing English Premier League club Blackburn Rovers only for poultry giants Venky’s Group to outbid him but had intense media scrutiny in Britain after it was alleged he left a string of unpaid debts from his time living there.