Portsmouth's chief executive David Lampitt says he has been left "gutted" by the club's latest financial crisis.
Pompey's parent company, Convers Sport Initiatives entered administration in November, forcing the Championship club to search for new owners.
Administrators says the club are close to naming new owners with Italian Joseph Cala among the front runners.
"Personally I have been gutted by what has happened and what happened with CSI," Lampitt told BBC Radio Solent.
He continued: "It almost beggars belief that the club - which has gone through so much with previous owners - has somehow landed back in this position."
Administrator Andrew Andronikou acted as an administrator at Fratton Park in 2010 and has been involved in a similar role with CSI.
He told BBC Radio Solent last week that the club were closing in on a new owner and on Wednesday Cala said he was in negotiations to buy Pompey.
Lampitt refused to discuss Cala's bid but says negotiations are ongoing and that there are a number of other interested parties but said it would be difficult to put a time-frame on when a takeover would be completed.
"My realistic expectation was always that it would take a bit of time," added Lampitt.
"These sorts of transactions are never easy and not straight forward considering the background and legacy to a takeover of this football club.
"Mr Cala has obviously taken a decision to speak publicly but from my point of view, I don't really want to be drawn into the specifics around people who may or may not be involved in the process.
"I don't think it is appropriate until we have a bit more certainty around that process."