Peter Storrie has confirmed to Soccernet that he plans to stay on to try to rescue Portsmouth - and that Avram Grant has agreed to do the same.
Storrie said on Thursday night that he and Grant could be set to walk out on the club after the pair were sidelined in negotiations over the sales of players including Younes Kaboul, Asmir Begovic, Aruna Didane and Mike Williamson.
However, Storrie said on Friday morning that he had reassessed the situation and that he now plans to remain at Fratton Park with Grant to help rescue the club.
"We have spoken about it," he told Soccernet. "We are both angry, frustrated and fed up, but neither of us are quitters.
"I don't intend to quit now I've slept on it, and although I cannot speak for Avram, from what we have talked about this morning I don't think he will quit either. And, let's face it, we both have good reason to walk out!
"I am no longer involved in the finances, I am not involved in the transfer negotiations, and Avram doesn't know what players are being sold.
"The two best players on the pitch in our last game against West Ham, Kaboul and Begovic, have been sold to Spurs, and - who knows? - it might not stop there.
"That's not good for Avram, so you can understand why he is frustrated and angry about it, but at least it will keep the club alive for two or three months, maybe until the end of the season, which gives you all time to sort out what is going on here."