Portsmouth have revealed they rejected a buy-out approach from former Tottenham Hotspur defender Ramon Vega because of fears it could impact on the club's long-term future.
Vega made a move for the Premier League club earlier this month but Portsmouth claim he failed to prove he could fund the takeover.
The 37-year-old former Switzerland international has moved into property management since retiring in 2003.
In a statement, Portsmouth said: ''As Mr Vega was consistently unable to demonstrate an ability to secure financing for his proposal - as had previously been agreed between both parties and which is fundamental to the long-term prospects of the club - the board, which includes the owner, decided to reject the proposal unless Mr Vega could satisfy them that the club's future would not be compromised.
''This was not forthcoming.''
Portsmouth, whose owner Alexandre Gaydamak has confirmed he is looking to sell the club, also today stressed their financial position is under control.
Like many Premier League clubs they are carrying debt, but the club insist they have no pressing financial worries.
Their statement added: ''The club wishes to re-confirm that it enjoys excellent relations with all its banking partners.
''All financial commitments are fully serviced by the club and there is no truth to suggest that any facilities will be withdrawn.''