Portsmouth administrator Trevor Birch admitted the club's prospective buyers have been put off by the latest punishment handed out by the Football League.
Pompey, who began last season in the npower Championship on minus 10 points, have been told they must start next season in npower League One with a 10-point deduction after being placed in administration for the second time in two years.
Hong Kong-based former owner Balram Chainrai, who has told administrators he would only step in as a last resort to prevent the club from going bust, was due to submit an offer for the club through his company Portpin, but Birch believes they may now withdraw from discussions.
Pompey were hit with a 10-point deduction ahead of next season along with other financial conditions which they most abide by.
"They're debating the repercussions of this. Portpin are still reeling and reviewing the situation themselves," Birch told BBC Radio Solent.
"The Company Voluntary Arrangement (CVA) is based around Mr Chainrai's offer so it's really how they view it. Otherwise we will still be waiting for someone to come forward to buy the club."