Portsmouth are on the brink of liquidation after the club's former owner Balram Chainrai dramatically withdrew his takeover bid, blaming "negative criticism" from fans – and claiming the club had "suddenly received additional huge claims from former players and management".

Chainrai had been expected to complete the deal this week after the club's administrator, Trevor Birch of PKF, successfully offloaded the last remaining senior players from Portsmouth's wage bill.

However, hours after the makeshift new team were beaten 3-0 in the Capital One Cup by Plymouth – whose fans held a collection to help Portsmouth's cause – Chainrai announced his company, Portpin, had pulled out.

The decision means the club's last chance of survival appears to be an alternative bid by the Pompey Supporters Trust.

Chainrai said in a statement released to Sky Sports News: "Portpin Ltd regrets to announce that it is withdrawing its bid for Portsmouth Football Club. Unfortunately, our efforts to save the club once more from extinction have hit a wall of rejection and lacking co-operation from the administrator and other interested parties.

"We are not the ones who have caused the club to collapse and we are not the ones to choose PKF as administrators.

"As history has recorded, we sold the club over a year ago after saving it from liquidation and unfortunately found ourselves again fighting to try and save the club from another liquidation. Through this administration process over the last six months we have always had the club's best interest in mind – unlike many parties who were involved in the process.

"We repeatedly encouraged the administrator to find a new, willing and able buyer to take over the club – unfortunately he was unsuccessful in this job and couldn't find a buyer despite his promises.

"Later he approached us to be his safety net to save the club as he couldn't find a buyer. We agreed in the effort to avoid liquidation of the club."

Chainrai's statement goes on to list his specific grievances, including heavy criticism of the administrators and their fees, "the negative criticism and lack of support for our takeover by the fans of this club", and, "the fact that suddenly the club has received additional huge football creditors' claims from former players and management".

Chainrai also slams the Football League for deducting 10 points "for no reasonable reason" and questions the credibility of the alternative bid from the Supporters Trust.

He adds: "All of these facts have left us in a position that we no longer want to fight this battle, we have zero support to save the club therefore we formally withdraw our bid and our honest attempt at saving the club. We will sleep well knowing we did our utmost to save the club.

"We welcome and will assist anyone, including the Supporters Trust, to try and save the club in the coming days."

The trust, which has the backing of a £1.45m loan from the council, reacted positively to the news of Chainrai's withdrawal, calling it potentially "the light at the end of the tunnel".

A trust statement said: "We have today been advised that Balram Chainrai and his company Portpin have withdrawn their offer to purchase Portsmouth Football Club for a third time, leaving the way clear for the Pompey Supporters Trust to be able to take control of our club.

"We call on Mr Chainrai to do the decent thing and accept the PST offer to purchase his charge on the club, and therefore walk away from Pompey, regaining some of the money he has lost, and leaving the club in the hands of the people who will truly cherish it and ensure that it continues as both a business and a legacy for the future.

"SOS Pompey has campaigned for Mr Chainrai to finally leave Pompey and we hope that this latest news could be the light at the end of the tunnel, which ultimately returns the club to the fans.

"Portsmouth FC is the lifeblood of the fans and the city and we ask all supporters of the club, the people of Portsmouth and football as a whole, to support the work of the Pompey Supporters Trust in their continued efforts to secure its future.

"Pledges are still wanted and both these and donations can be made via www.pompeytrust.com. SOS Pompey intends to hold a peaceful demonstration of our pride in our manager and players before this Saturday's game against Bournemouth at 2.15pm at the gates of Fratton Park, and we ask all fans to join us in showing how much we appreciate the work of the manager and staff of our magnificent club."