Potential buyer rules out Portsmouth takeover

Portsmouth's hopes of survival have taken a further blow after one of the parties interested in buying the club ruled out taking over before the winding-up petition on Monday.

Portsmouth are hoping to find a buyer before their date with HM Revenue and Customs over an unpaid tax bill, as they hover on the brink of becoming the first Premier League club to go into administration or even out of business.

New Zealand-based businessman Victor Cattermole is interested in buying the Fratton Park side through his investment group, but he insists any deal will not be in place before Monday's date at the High Court.

Cattermole told The Guardian: "In an ideal world we would like to purchase the club before Monday, but we will not be rushed.

"The unfortunate thing is putting anything together in business takes time. Most processes like this cannot be rushed."

Cattermole insisted he had the required finances and outlined his plans were he to take over on the south coast.

"We would plan to go forward with a different strategy over a time frame of a five-year period," he added.

"Moving to playing somewhere else, building another stadium is one option.

"Everyone agrees the stadium is too small."