Portsmouth's administrator, Andrew Andronikou, tonight denied a statement on the club's official website which said the club may be about to go into liquidation due to a claim by the former owner Sacha Gaydamak for an upfront payment of £2.5m.

Andronikou stated that Portsmouth will play at Hull City tomorrow but said Gaydamak's Jewish faith meant he was out of contact until the Sabbath ended on early Saturday evening and so is unavailable to resolve the issue. The article had been published on the website due to "pure frustration".

The statement said: "It appears likely that the club will now be closed down and liquidated by the administrators as they are unable to support the continued trading of the club. Portsmouth Football Club is extremely disappointed to report that it has not yet managed to achieve the exit from administration, despite the extensive efforts of the Football League, NewCo, the administrators and their various legal advisors.

"The most difficult aspect has been trying to achieve agreement with Alexandre [Sacha] Gaydamak after the remaining parties have agreed the deal and executed the necessary documents, namely the new owners, the administrators, the Football League and the creditors.

"Put simply, despite being offered full payment for the secured part of his debt in accordance with the financial plan approved by the Football League, this morning Mr Gaydamak has demanded a very significant upfront cash payment in order to allow the deal to proceed by releasing his security."

Andronikou said Gaydamak's demand to be paid the £2.5m in a single payment was unfeasible, given the club's stretched finances. "The statement is a little premature," he added. "He [Gaydamak] wants more security, which I fully appreciate. He will be repaid in full for his debenture of £2.5m but, like the rest of the creditors, it will have to be in instalments.

"It's not possible [to pay the £2.5m in a single sum]. We've been running the club on a shoestring. We've got to deal with the needs of all creditors and we've got to secure the club going forward. He [Gaydamak] will have to stand in line like everybody else. He [is due] about £2.5m. He'll get that when everybody else gets paid."

The Hong Kong businessman Balram Chainrai is in the process of buying Portsmouth and Andronikou claimed that only Gaydmak's stance was preventing completion. "All that's been done. All the paperwork with regard to the Football League and the Premier League has all been agreed. We're already to go," the administrator said. "We are ready to sign up the paper[work] and unfortunately Mr Gaydamak decided that he has got religious constraints, [so has] again decided for 24 hours to turn his phone off. I think through pure frustration the press release was released."

It is thought Chainrai may have been behind the statement's publication. Andronikou said he hopes Gaydamak will be available to resolve any issues tomorrow evening. "I think the Sabbath starts at five o'clock [Friday evening] or when the sun goes down, so we can't speak to him until [then]. I'm trying to distance myself from this press release. But it's happened."

Gaydamak's lawyers, however, denied that the deal had been scuppered by their client. A statement from Taylor Wessing said: "Sacha's lawyers Taylor Wessing can confirm that the documents were taken to Paris this morning where Sacha fully intended to sign the agreement negotiated over the past week.

"Upon receipt of the documents Sacha received a phone call explaining that the terms of the deal had now fundamentally changed, preventing him from signing as the agreement in front of him was no longer valid.

"It is incorrect to state that he had moved the goalposts making the deal impossible to complete. Taylor Wessing were instructed to continue negotiating and by this evening it was anticipated that negotiations were on track to present a revised agreement to Sacha over the weekend.

"Consequently the statement from PCFC Ltd has come out of the blue and appears to represent an unwillingness on the part of PCFC to continue discussions to resolve the future of the club."