Portsmouth's future remains shrouded in doubt after former owner Sacha Gaydamak insisted he was right to refuse to sign an agreement that would have allowed the club to come out of administration.
The club have claimed they are on the brink of ceasing trading after Gaydamak, who is owed around £2.2million by Portsmouth, refused to sign the deal. Gaydamak's lawyers claim however that he had fully intended to sign the agreement only for Portsmouth to "fundamentally change" the terms of the deal.
A statement said: "Sacha's lawyers Taylor Wessing can confirm that the documents were taken to Paris [yesterday] where Sacha fully intended to sign the agreement negotiated over the past week. Upon receipt of the documents Sacha received a phone call explaining that the terms of the deal had now fundamentally changed, preventing him from signing as the agreement in front of him was no longer valid."
The statement continued: "It is incorrect to state that he had moved the goalposts making the deal impossible to complete.
"Taylor Wessing were instructed to continue negotiating and it was anticipated that negotiations were on track to present a revised agreement to Sacha over the weekend. Consequently the statement from PCFC Ltd has come out of the blue and appears to represent an unwillingness on the part of PCFC to continue discussions to resolve the future of the club."
Portsmouth administrator Andrew Andronikou remains hopeful Gaydamak will back down from his demands.
Asked whether Saturday's npower Championship game at Hull would be the club's last, Andronikou told BBC Radio 5 live: "I think common sense will prevail and all parties will come to the table this weekend - but it has to be this weekend.
"Yesterday (Friday) evening's activities were really a wake-up call for everybody to say 'look, we just can't sit here whilst everybody else finesses their position. It is about coming to the table and cutting a deal'.
"I'm waiting to hear from (Gaydamak) or his representatives and I've made it publicly known I'm available 24/7 to get this done."
Portsmouth's debt at one point stood at around £120million before they entered administration last season and were ultimately relegated. A deal worth 20p in the pound to unsecured creditors was agreed, but he is in the frustrating position of knowing the club could go into liquidation despite being tantalisingly close to securing their future.
Copyright (c) PA Sport 2009, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms