Real Mallorca are set to be bought by English businessman Paul Davidson according to the owners of the island outfit.DRAC, the company which owned the club, announced on Mallorca's website that a pre-agreement had been reached for Davidson - who is known as 'the Plumber' - to buy the controlling share in the club. However, the Englishman will not take over as president of the Barralets, with DRAC owner Vicente Grande remaining in the role. 'DRAC has reached agreement in principle with the business and investment group presided over by Mr Paul Davidson for the aforementioned person to become the majority shareholder of Real Club Deportivo Mallorca SAD, with the firm desire to maintain and improve the position of the entity among the elite of Spanish and European football,' the statement read on www.rcdmallorca.es. 'The pre-agreement, which must be formalised in the coming weeks and which is subject to a period of due diligence, assumes, among other clauses, that the current president, Vicente Grande, will remain on and preside over the club board for at least the next five years.' The pipe-fitting company owned by Davidson, Fluid Leader, was recently floated on the Plus Market, earning the Englishman a reported £40million. It is believed Davidson paid £50million to gain a 96% share in Mallorca, and in the process saw off competition from ex-Newcastle chairman Freddy Shepherd as well as an unnamed Russian investor. The English businessman has admitted he knows little about the sport he is buying into, revealing instead that he hopes to use the club to promote his business activities in Spain. 'I don't know much about football but I will use the club to promote my other business interests,' he told the Daily Telegraph. 'We will operate our other businesses from the club, but I will not be taking decisions about football. I will leave that to the current management.' Mallorca have announced Grande will hold a press conference at 7pm local time today.