Portsmouth face expulsion from the Football League unless the Pompey Supporters Trust buys them and takes the club out of administration by the end of the season.
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Earlier on Thursday, Portsmouth's administrators, PKF, received a new offer to buy the League One club from football financier Keith Harris, but the Football League said it would not accept any new bids.
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'' Any change of preferred bidder at such a late stage would only create further uncertainty '', a statement said.
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'' It is not wider interests of the League and its member clubs ''.
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The Football League's Insolvency Policy does not allow a club to begin two consecutives a seasons in administration.
Portsmouth football club is going from bad to worse...