The cash-strapped League One side are currently in the hands of PKF, headed up by Trevor Birch, and a High Court hearing was set for the morning where they were going to try to secure the sale of the club's Fratton Park ground to the Portsmouth Supporters Trust (PST) from former owners Portpin.
But PST have said the hearing had been adjourned, before another party, P&A Partnership, said that Portpin wanted them and not PKF to manage the the club's finances until a buyer could be found.
P&A's Brendan Guilfoyle, a well-known football administrator, said Portpin were unhappy with some elements of how PKF had been dealing with things, but they were happy to fund the club through to the end of the season provided he was allowed to run their day-to-day affairs.
He also added that Portpin may be forced to shut the 114-year-old club down if they do not secure a change of administrator.
Guilfoyle said in a statement: "If I am appointed, I am confident that we can find a buyer to secure the long term future of this historic and important club."