Tim Stocks of Gaydamak's lawyers Taylor Wessing said he would be recommending to the business tycoon that he signs the deal with Portsmouth tonight regarding the payment schedule of £2.2million owed to him.

The club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign the deal.

Stocks insists there was merely some technical details to be agreed - which he did with Portsmouth's administrator Andrew Andronikou last night - and that there was never any threat to the club.

Stocks told Press Association Sport: "I will be talking to Sacha tonight and recommending the documents are signed.

"There was never any demand of £2.5million being paid in cash - there were five or six highly technical points on some of the contracts which I had agreed with the administrator.

"I was baffled and saddened therefore to see announcements saying the club was at the brink, it has caused anxiety for no good reason.

"My instructions are to work towards trying to get an agreement tonight and I hope to do so."

Under the deal, Portsmouth will pay Gaydamak £2.2million in instalments over the next five years.

Stocks added: "This is a transaction that works for all creditors as well as Sacha so I'm hopeful we will get the paperwork signed. I would like to reassure Portsmouth fans that the club is not on the brink."

Portsmouth administrator Andrew Andronikou said a deal had to be done this weekend.

Andronikou said: "I think common sense will prevail and all parties will come to the table this weekend - but it has to be this weekend.

"Yesterday evening's activities were really a wake-up call for everybody to say 'look, we just can't sit here whilst everybody else finesses their position. It is about coming to the table and cutting a deal'."

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Former Hull chairman Paul Duffen has revealed he is interested in rescuing Portsmouth.

Duffen has put together a consortium and speaking on Express FM said: "I have been monitoring the situation at Portsmouth for several months and trying to do a deal for some weeks. I have a fully funded bid ready to go.

"I have been looking for a good opportunity and biding my time but I would love to get back into football and take charge of a club with such fantastic potential."

Duffen, who resigned as Hull chairman last year, continued: "I had three very successful years there, culminating in promotion to the Premier League, and have done my time in the university of football that is the north of England.

"But I would love to get back in and it is no secret I live just outside Guildford.

"Portsmouth have a fantastic fan base and there is great potential to develop Fratton Park. It is a challenge that excites me."