A consortium featuring former Football League chairman Keith Harris has submitted an offer to buy Portsmouth.
Administrators PFK confirmed the new development a week before a High Court hearing due to determine whether the League One club can be sold to the Portsmouth Supporters' Trust.
The new consortium, comprising Harris, investment banker Pascal Najadi and professional investor Alan Hitchins, says it is willing to offer the PST "a stakeholding and participation" if its bid is successful.
PFK partner Trevor Birch said: "We believe this offer is worthy of consideration and could be completed without the need for a court case.
"As officers of the court, the administrators are charged with securing the best return for all creditors and therefore have to consider the offer.
"We will need to discuss the terms of the deal with the PFA and the Football League and also plan to consult the creditors' committee as a matter of urgency. We will provide an update as soon as we have further news."
The PST had an offer provisionally accepted by PFK last year but have been unable to agree a price with former owners Portpin for the club's Fratton Park home.
The PST hopes the High Court hearing - three times adjourned already and now set for 14 February - will force Portpin to lower their fixed asking price and pave the way for a takeover.
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