The club had a proposal initially rejected by the Football League however this was eventually amended and approved. But a statement on the club’s site states that a takeover now looks unlikely due to the demands of Alexandre Gaydamak.
A statement on the club’s site said: “Portsmouth Football Club is extremely disappointed to report that it has not yet managed to achieve the exit from Administration, despite the extensive efforts of the Football League, NewCo, the Administrators and their various legal advisors.
“The most difficult aspect has been trying to achieve agreement with Alexandre Gaydamak after the remaining parties have agreed the deal and executed the necessary documents, namely the new owners, the Administrators, the Football League and the creditors.
“Unfortunately, despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Mr Gaydamak and this has now made the deal impossible to complete.
“However, it appears likely that the club will now be closed down and liquidated by the Administrators as they are unable to support the continued trading of the club.”
The club was relegated from the Premier League last season with debts of around £120m.