The Pompey Supporters Trust says its bid to buy Portsmouth is 'ongoing' and has welcomed news land surrounding Fratton Park could be up for sale.
Sacha Gaydamak's land, which surrounds the stadium, is being sold after he put his firm Miland Development 2004 Ltd into administration.
But the PST has reiterated that the club's wage bill at the club needs to be reduced to avoid liquidation.
"The process is ongoing," said the statement.
"As we have said all along, for a viable PST bid to be submitted, the wage bill must be reduced to enable a community run club to compete in League One.
"We are not encouraged by the current situation - a number of the squad are on unsustainable wages, and they need to move on quickly.
"If they do not move on quickly, then we will be unable to submit a viable bid for Portsmouth Football Club."
Mullins joined Birmingham on a free transfer on Thursday, while Varney (Leeds United) and Norris (Sheffield Wednesday) are also on the verge of leaving.
Mokoena has sealed a move to Bidvest Wits in South Africa while Kanu looks likely to have his contract terminated by the club after he failed to report for pre-season training.
That would leave Tal Ben Haim, Greg Halford, Erik Huseklepp, Dave Kitson and Liam Lawrence as the only senior players at the club.
The PST would still need all five to leave before it can proceed with its bid.
Administrators David Rubin and Partners confirmed to BBC Radio Solent they had been instructed to deal with the sale Gaydamak's land.
They also confirmed they would meet with Portsmouth's administrator Trevor Birch to see if it could be combined with the sale of the football club.
"As you would expect the PST has always recognised the importance of the land and have been involved in discussions with various parties over the last 10 months," added the statement.
"We also consider it of equal importance the re-uniting of the land with Fratton Park to provide the re-development of the Park that the club has needed for decades.
"Past regimes have come and gone, proposing to build stadiums away from the Fratton area, but the PST believe that Fratton Park should be the home of Portsmouth Football Club for decades to come and we will continue to work towards that aim."