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The Football League has confirmed Portsmouth will lose their membership if the Pompey Supporters Trust's bid to buy the club fails.
On Thursday afternoon Portsmouth's administrators, PKF, said they had received a new offer to buy the troubled club from former Football League chairman Keith Harris, which would rival the PST's bid.
Despite the football financier wanting the fans' group to be involved in the proposed takeover, the Football League has released a statement stating it will not consider any new bids for the struggling south coast outfit.
The statement read: "At its meeting in London earlier today, the board of the Football League was appraised of the current situation regarding the administration of Portsmouth Football Club in light of media reports that the administrator, PKF, is considering a new offer for the Club.
"The League had previously been informed by PKF that its preferred bid for the club was from the Pompey Supporters Trust (PST) and all parties have been focused on a successful transfer of share to that consortium.
"Given that the Football League's Insolvency Policy prohibits a club from beginning two consecutive seasons in administration, the board took the view that any change of preferred bidder at such a late stage would only create further uncertainty and was not in the wider interests of the League and its member clubs.
"Therefore, the League has informed the administrator that it will not currently consider transferring the club's share in The Football League to a new bidder.
"This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the club will lose its membership of The Football League."
The PST are the preferred bidder of PKF but their proposal hinges on buying the club's Fratton Park ground, which is still controlled by former Portsmouth owner Balram Chainrai.
PKF are seeking permission to sell the ground and are due in court with Chainrai's company Portpin next Thursday.
Pompey have been in administration since February last year and will be deducted 10 points if and when they exit. They are currently second from bottom in League One, two points above Hartlepool, having lost their last eight matches.