Portpin has suspended its bid to buy Portsmouth and has warned there is a "very real risk" of the npower League One club being liquidated unless there is a resolution soon.
The largest creditor in the Portsmouth Football Club (2010) administration have held discussions over a sale and purchase agreement with administrators PKF which it claims is "ready to complete within a matter of days".
Trevor Birch, of administrators PKF, withdrew preferred bidder status from Portpin three weeks ago and named the Portsmouth Supporters' Trust (PST) as the preferred bidders.
However, the PST has yet to finalise its business plan and bid documentation to be reviewed by the Football League, with Portpin subsequently feeling its attempts to pursue a bid are not now worthwhile.
Portpin chairman and Hong Kong-based businessman Balram Chainrai also feels the recent departure of manager Michael Appleton to Blackpool was down to the club's future still not being resolved.
He said in a statement: "I believe there is a very real risk Portsmouth Football Club will end up being liquidated despite our best efforts to proceed, which are being knocked back at every turn by PKF.
"Sadly we feel the administrators are deliberately driving events in this direction so until there is a clear resolution from the Football League regarding the PST bid, we have no option other than to suspend our offer.
"We are in a position to pay football creditors in full, provide the financial guarantees and a multi-million pound funding facility as required by the Football League through to June 2016, and could complete the purchase of the club in the next few days.
"But none of this can happen until there is a clear decision from the Football League on whether or not to approve the PST bid."
Administrators PKF declined to comment when contacted by Press Association Sport.