Pompey Supporters' Trust spokesman Scott Mclachlan says it needs to raise £8m to save Portsmouth, reports BBC News. The PST recently launched a share scheme inviting Pompey fans to deposit a refundable minimum of £100 into a protected account.
If sufficient numbers respond, the PST will undertake due diligence and develop an offer to buy the club.
The PST scheme is supported by administrator Trevor Birch who described the move as a "sensible way forward".
"We need to put as much money in the pot as possible to go to Trevor Birch and convince him that we are credible."
So far Mclachlan says it has had hundreds of applicants, but admitted this would need to run into thousands for the scheme to be a success.
"We think it is going well but it is early days to start counting numbers," added Mclachlan.
"We've got to spend the next three of four weeks convincing people this is a viable option.
"We've had hundreds so far and there is no shame in that figure. The majority will look at the details and decide whether they can contribute themselves.
"There are probably going to be people across Hampshire and abroad who cannot afford that number but they can look to go in with a syndicate.
"But the initial reaction is very positive." "We would need £8m to buy the club but that does not have to all come from shares," Mclachlan told BBC Solent.
Portsmouth are currently in administration and facing relegation to League One but are in danger of going out of business if a buyer cannot be found in the summer.
