"It's a group of investors from the Gulf, not just Bahrain, that I am leading and that will take over the English club," he told the agency in a telephone interview.
Sheikh Abdul Rahman said he expected "the deal to be closed within a week.
"I prefer not to give a figure because the club is heavily indebted and is looking to be rescued and that's what I am trying to do.
"My relations with the club go back 25 years and I am saddened by the current situation since they are bottom of the Premiership," said the sheikh who is also the chairman of Bahraini side Al-Najma.