Portsmouth have gone from FA Cup heroes to a league one side and with another administration the value of the club has hit rock bottom.
Former Pompey owner, Balram Chainrai, has offered administrator Trevor Birch issued Chainrai’s 2p in the £1 to unsecured creditors on Friday, including the Football League and HMRC in the hope of getting the debt laden club on the cheap.
The company voluntary arrangement offers creditors £500,000 in cash as an upfront payment in a bid labelled as "unimpressive" by sources close to Portsmouth.
The effect of the bid it is thought will bring in new bidders.
Pompey Supporters Trust will now hold formal discussions with Mr Birch early next week and intend to make a counter-offer for the club within the next seven days.
PST spokesman said: "We are confident that this counter-offer will deliver a better return to creditors than the offer made today by Portpin."
Funding for this bid is coming from fans and the local authority in a pledge scheme, but the supporters are not the only party to have shown interest in Portsmouth.