Portsmouth Football Club (PFC) will be placed into administration unless a buyer for the Premier League club can be found by 26 February, according to owner Balram Chainrai.

The Hong Kong-based businessman, who seized control of the club earlier this month, revealed that the Portpin investment vehicle is in talks with four interested parties but does not expect a deal to be reached before the club is due to face winding up proceedings at the High Court on 1 March. Portpin spokesperson Phil Hall said: "There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned.

"The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual." Meanwhile, Sulaiman Al-Fahim has announced his resignation from PFC's board of directors after claiming that he had been sidelined in the club's bid to safeguard its future.

A letter from Al-Fahim published by arabianbusiness.com revealed that he had been presented with a draft statement of affairs outlining the club's finances, which had been demanded by the High Court. However, he said that he could not commit to the statement as necessary information had not been made available. Fahim has offered to donate his 10 per cent stake to the Pompey Supporters' Trust, although the trust is yet to receive a formal offer.

A statement from the trust said: "No formal offer has yet been made to the trust, but appreciating the need for urgency in the current dire situation, the Trust and it's advisors will deal with any formal offer immediately after it's been received." Portsmouth City Council (PCC) has also confirmed that, if the club was to fold, the Fratton Park stadium would continue to be used for football unless the council was "satisfied the stadium could not carry on as a football venue".