Portsmouth administrator Trevor Birch has said he has met with the club's major creditor Balram Chainrai as he continues to search for a new owner.
Birch confirmed a meeting with Chainrai - who is still owed £17m by the stricken club - over the weekend.
"I have had initial discussions with Chainrai. It is my duty to explore all possible avenues to try to save the club as a going concern," said Birch.
In an interview on Sunday, Chainrai said he will not let the club go under.
The Hong Kong businessman said he will write off some of the £17m he is owed by Pompey if he can find someone else to take charge.
"I am taking over as caretaker, because if I don't the club will be liquidated," he said.
"I'd prefer someone else to come in to keep it going because I am quite upset to see it in the state it is in now."
Meanwhile, local musician Brian Howe, who made his name in 1970s rock band Bad Company, says he is hoping to form a consortium to save the club.
Howe failed in an attempt to buy Portsmouth in 1999, and says he is doing everything he can to find other investors to buy the club.
"I do believe there is a way of making this work and I am looking for it," he told BBC Radio Solent.
"I am looking for people to help. If there is anyone out there who wants to chip in and contribute and form part of a team to do this then move quickly please and get in touch with me.
"This can be done but it needs to be done quickly."
Howe revealed there were people showing interest in investing in the club and admitted the situation at Fratton Park is becoming increasingly desperate.
"There are people waiting in the wings and I am waiting on two phone calls from America, so my fingers are crossed," he added.
"I am at the mercy of other people's decision making. I don't have enough money to do it on my own, if I did then I would.
"I hate to liken it to a game of poker but I think there are people playing poker and I wish they wouldn't. For me and for thousands of other people this is what we wake up for.
"I am as desperate as any other fan to try and bring this to fruition. I am not giving up, it belongs to me and 18,000 other people.
"We don't give up in this city. I may fail but I am working diligently because I don't want this club to die, I really don't.
"In my mind it is inconceivable that this club could disappear. I think if the council don't get involved they will regret it. It will be devastating to not have a club in the city."