Portsmouth administrator Trevor Birch has confirmed that former owner Balram Chainrai has put forward an offer to buy the struggling club.

Chainrai, who is the figurehead for consortium Portpin, has applied to the administrators to carry out a Company Voluntary Arrangement in order to pull the club out of administration in six weeks.

Trevor Birch, a partner at PKF Accountants & business advisers, told the club's official website: "PKF has not received bids from any other potential buyers and we do not expect any new bidders to emerge before the club runs out of money. The Supporters' Trust is working hard to make a proposal but as yet is not in a funded position to make a bid.

"We've made it clear from the start that a new owner would need to demonstrate that it cannot only fund a CVA that is acceptable to creditors, but also cover the club's ongoing operating losses. Only Portpin has been able to give us the necessary assurances that the funding will be in place.

"However, there is still a lot to do before we get to that stage and we are not taking anything for granted. PKF will now work together with Portpin to finalise the business plan to satisfy The Football League that Portsmouth Football Club has a sustainable long term future. This is still likely to involve further cost-saving measures including player sales and the renegotiation of contracts with the top earners to bring the club's costs in line with the League One average."

Chainrai added: "I always said I would not let the club be liquidated. I'm a businessman but I realise that the club will only have value if it is successful. I now want to turn things around at Portsmouth Football Club and see the club regain its rightful position. The success of this goal can only be achieved if all parties with a vested interest in the club's business work together.

"Let's not be under any illusions though: we are planning to take on a club with severe financial problems that cannot be fixed overnight. I don't have a magic wand but many important elements – a proud history, passionate supporters and one of the country's top managers – are already in place and provide a strong platform on which we hope to build stability."

The former Championship side fell into administration in February.