Accountants managing the affairs of the troubled League One club have said they are assessing their options.
Fans group the Pompey Supporters Trust want to take over the club but their bid hinges on the sale of Fratton Park, which is controlled by former owner and rival bidder Balram Chainrai.
The hearing was adjourned after lawyers representing administrators PKF said discussions were taking place with representatives of Chainrai.
Katharine Holland QC, for PKF, told Mr Justice Sales at the hearing in London: "This is not a straightforward matter."
Outside court, a PKF spokesman added: "We are taking stock and assessing options."
Lawyers are expected to update Mr Justice Sales at the hearing, which is due to resume at 2pm on Friday.
A High Court judge placed Portsmouth into administration 10 months ago after being told the club had an unpaid tax bill of around £2million and owed other creditors about the same.
The hearing, initially set for Thursday, was put back 24 hours before being adjourned for a further month on Friday.
- Politics & Government
- Sports & Recreation