Portsmouth could yet face liquidation after former owner Balram Chainrai withdrew his bid to buy the troubled npower League One club.
Trevor Birch, the administrator charged with looking to find new owners for the crisis club, had managed to offload a number of high-earning players such as Tal Ben Haim, Liam Lawrence and Dave Kitson to push through a sale.
However, Chainrai has revealed that he is now no longer interested in striking a takeover deal.
He released a statement to Sky Sports News which read: "Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club.
"Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.
"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators."
The statement continued: "As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation.
"Through this administration process over the last six months we have always had the club's best interest in mind - unlike many parties who were involved in the process.
"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club - unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises!!
"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club. We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days."