As reported on Sky Sports News, Hong Kong businessman Balu Chainrai has said he is withdrawing his bid to buy Portsmouth, siting problems with the administrators and the fans, to leave the League One club on the brink.
Portsmouth administrator Trevor Birch was optimistic that a deal could be done after offloading first-team players from the club's wage bill.
Chainrai released a statement to Sky 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 went on to say,
"We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days."
Michael Appleton fielded an inexperienced Portsmouth team that lost 3-0 to Plymouth in the first round of the Capital One Cup on Tuesday evening.