The Pompey Supporters Trust has submitted a rival offer to take control of financially-troubled Portsmouth to administrator Trevor Birch, reports BBC Sport
Former owner Balram Chainrai is also looking to buy the League One club as part of a Company Voluntary Agreement.
Pompey are currently £58m in debt after previous owners Convers Sports Initiatives went into administration.
Supporters have been pledging a minimum of £1000 to help support the bid while the Trust recently revealed they had attracted five 'high net worth' individuals who had offered over £1m.
Portsmouth City Council leader Gerald Vernon Jackson said he welcomed the news of a second bid, although confirmed it was not done in conjunction with the local authority.
"I'm glad a deal has been done even though we won't be able to help the PST because of the discrepancy over the valuation of the ground," Jackson told BBC South.