The football financier Keith Harris has made a revised bid to buy Portsmouth Football Club which would give fans a 15% stake.
The Football League has confirmed Portsmouth will lose their membership if the Pompey Supporters Trust's bid to buy the club fails.
An extradition hearing for the former Portsmouth Football Club chairman Vladimir Antonov has been adjourned for six months.
Pompey have appointed Richie Barker as their new manager, with Steve Coppell also arriving in a Director of Football role.
Barker, 38, arrives following an 18-month spell at Crawley. He guided them to a 10th-place finish in League One.
“This is a fantastic opportunity for me,” he said. “I’m very excited to be at this club with its great history. Everyone knows how passionate the people of Portsmouth are about their football club.”
Barker’s first managerial post was at Bury. He took over in April 2011 with eight games of the season remaining, winning six in succession to secure promotion from League Two.
Jed Wallace opened the scoring in the 20th minute, David Connolly made it two six minutes later and, after Andy Wright had been sent off, Patrick Agyemang wrapped up a 3-0 victory six minutes before the break.
Southend have made their best start to a season in 23 years and share top billing with Oxford.
The Shrimpers defeated Northampton 2-0 at Roots Hall today thanks to Anthony Straker (38) and Freddy Eastwood (62).
Oxford lead the table on goal difference after a 3-1 victory over Torquay.Striker James Constable was instrumental in Chris Wilder's side claiming their third league win in a row, scoring a superb 62nd-minute goal and laying on the third for fellow substitute Asa Hall (78).
Portsmouth suffered a sorry start to life in SkyBet League Two as they crashed to a 4-1 home defeat at the hands of Oxford. Pompey are considered one of the favourites for promotion and things looked promising for Guy Whittingham's relegated side.
They took a 25th-minute lead through Patrick Agyemang in front of a league-record 18,000 strong crowd at Fratton Park.
However, Oxford had not read the script and they turned things round to go into the break 2-1 up with goals from Deane Smalley and Alfie Potter.
Things got worse for Portsmouth just before the hour-mark when they lost Johnny Ertl to a red card and Oxford made the most of their numerical advantage to add salt to their opponents' wounds with further goals from Potter and Smalley.
For a full round-up of all today's action click here for in-depth match coverage from ITV Sport
Portsmouth Football Club claim they have sold more than 10,000 season tickets ahead of the new season in League 2. The tickets are double the usual attendance for a League 2 game. The club is the largest fan owned team in the UK.
Portsmouth mayor Frank Jonas will write a cheque for £1000 this afternoon to secure his community share in Portsmouth Football Club.
He will attend in his full formal attire and will be met by executive board members of the Pompey Supporters Trust and Portsmouth Community Football Club at 3:30pm.
Bournemouth, who were top at the start of the day, could only draw 0-0 at Tranmere but were promoted to the Championship as runners-up.
At the other end, Scunthorpe had their relegation to the fourth tier confirmed after Colchester defeated Carlisle, rendering the Iron's 3-1 win over Swindon futile.
It was a frantic finish for Scunthorpe with all four goals scored in the last seven minutes, including two in stoppage time, but it proved not to be enough.
Swindon took the lead in the 83rd minute through James Collins but Scunthorpe levelled four minutes later through Michael Collins.
Portsmouth, meanwhile, finished their season with a 3-2 defeat by Shrewsbury.
Connor Goldson, Joe Jacobson and Akwasi Asante gave Shrewsbury a 3-0 lead before Ashley Harris and Patrick Agyemang scored for Pompey, but it was not enough to finish their disappointing campaign with a final victory.
A late goal at Elland Road saw 10-man Brighton beat nine-man Leeds to secure a play-off place for Gus Poyet's side in an ill-tempered match.
Will Buckley opened the scoring for Brighton in the 10th minute, with Leeds midfielder Rodolph Austin shown red shortly after.
Brighton's Inigo Calderon was sent off midway through the second half for a challenge on El-Hadji Diouf, who scored the resulting penalty before being sent off himself after appearing to abuse the away fans following the goal.
Jose Ulloa had the final word as he headed a late winner for Brighton.
BLUE SQUARE BET PREMIER
Relegated: Telford, Ebbsfleet, Barrow, Stockport.
Relegated: Bristol City.
NPOWER LEAGUE ONE
Relegated: Scunthorpe, Bury, Hartlepool, Portsmouth.
NPOWER LEAGUE TWO
Promoted: Rotherham, Port Vale.
Relegated: Barnet, Aldershot.
Portsmouth Community Football Club has unveiled its management team to lead it into a new era of community ownership. The new team manager will be Guy Whittingham who has been in caretaker charge of team affairs since November.