Isle of Wight Council bosses have overturned a vote by councillors - who had rejected the partnership to secure £900 million of funding.
Decision Day For Fans Bid At Pompey
We could find out today who's going to run Portsmouth FC, as the administrator makes a decision on the bid by Pompey Supporters Trust.
The Pompey Supporters Trust have mostly relied on fans and businesses to put up the cash for their bid, but they insist they do have the financial backing they need.
They're up against Balram Chanrai and his company Portpin, who are also back in the running to take over.
Administrator Trevor Birch set a deadline for today - Friday 24th August - for the Pompey Supporters Trust to finalise their bid.
A decision's expected later.
Colin Farmery, PST spokesperson said: "The PST bid remains on track. Trevor Birch, the administrator, has described our bid as 'credible' and there is nothing to suggest that anything has happened to change his view.
"Our bid has been on the table for months - and we have been consistent and unstinting in our efforts to buy Pompey and give the club a fresh start."
Chainrai, through his company Portpin, re-entered the equation this week as a bidder for the League One club.
Just nine days ago Portpin announced its interest in buying Portsmouth, who remain in administration, was at an end.
Hong Kong businessman Chainrai's company remains Portsmouth's biggest creditor and the PST urged him to negotiate with them over the value of the club's stadium, Fratton Park.
That remained a sticking point, and now Chainrai and Portpin are confident of reclaiming control of the troubled club, averting possible closure.
If Portpin proceed, and have the backing of administrator Trevor Birch, they could scupper the supporters' hopes of bringing the former Premier League club under their own control.
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