Football fans are hoping the claim by Portsmouth FC that it was on the verge of liquidation is a tactical move.
As supporters expressed their anger and devastation at the situation, administrators suggested negotiations had not come to a final halt and would restart in a bid to avoid closure.
In a statement, the club - nicknamed Pompey - pointed the finger of blame at former owner and creditor Alexandre Gaydamak, accusing the Russian businessman of "moving the goalposts" as the club attempted to reach agreement with all creditors to move out of administration.
On the Vital Pompey forum, one fan posted: "What the hell is going on, I thought this was all done and dusted. Let's just hope it is brinkmanship and not the final curtain..."
Another fan wrote on the Fratton Faithful message board: "I really hope this is just brinksmanship, Gaydamak surely would rather have something from the detritus of our club than allow it to be liquidated and get nothing?
"I only hope that AA (administrator Andrew Andronikou) knows what he is doing here otherwise this will be a sad, sad day for the club, the city, and football in general."
The club statement attacked Mr Gaydamak, accusing him of failing to take into consideration those involved with the club he bought in 2006.
"We would like to thank the Football League in particular for their support and assistance through this difficult process," the statement read. "All other parties had managed to reach agreement.
"This has now been undermined by the self-interested actions of one individual. Mr Gaydamak has provided confirmation several times that terms were agreed. However, he has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction."
But after the statement was released, Portsmouth administrator Andrew Andronikou said he was confident the club would be able to exit administration.