Portsmouth are set to ask the High Court for an adjournment in hearing their appeal against a winding-up petition after talks with Her Majesty's Revenue and Customs broke down, Press Association Sport understands.
Pompey chief executive Peter Storrie was locked in discussions at Fratton Park with representatives from HMRC over paying a portion of the money Pompey owe and coming to an agreement before the matter goes to court on Wednesday.
The Barclays Premier League's bottom club, who earned a last-gasp draw against Sunderland on Tuesday night, will ask for an extra 28 days to put together their appeal.
League Two club Notts County were given an extension last month which allowed them time to look for new investors, which is the position Pompey are also in.
"I already have more than one interested party and am hopeful that we can finally find owners who have the best interests of everyone at the club at heart in order to move us forward," wrote Storrie in his programme notes ahead of the Sunderland clash.
Balram Chainrai took charge last week when Ali Al Faraj defaulted payments on a loan, but the businessman is not interested in owning the club in the long term.
"He has made it quite clear that he does not want to remain the owner," added Storrie.
Former Pompey boss Harry Redknapp is among those who hope the Premier League's bottom club finds a suitable owner.
He said: "Let's hope they can find someone else. I think they have a potential owner they are talking to. It needs someone to invest in the club, stabilise the club and get it back on its feet.
"They've been through it before, a couple of years before I came when the gates were locked and Milan Mandaric saved them that time."
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