Keith Harris' olive branch to Portsmouth supporters has been flatly refused by the group in pole position to buy the club.
The former Football League chairman is fronting a group of investors who last month approached Portsmouth's administrators with an offer.
Harris' chances of a deal appeared dead in the water when the Football League immediately ruled that a proposed takeover by the Pompey Supporters' Trust must go ahead as planned.
But that did not stop Harris going public with a new bid which includes a proposal to hand fans a free 15% stake in the club.
That offer changes nothing for the PST, whose spokesman Colin Farmery said: "Why would we be interested in 15% when we are just about to take a 100% stake in the club?
"It is curious timing to say the least from Mr Harris with the Football League having made it quite clear that our bid is the only one that can be considered.
"Mr Harris seems to think he has still got a bid, but he hasn't. Our bid is literally about dotting the 'i's and crossing the 't's."
The Football League subsequently confirmed: "As stated after its most recent meeting, the Board of The Football League is not considering alternative applications for the transfer of Portsmouth's share in The Football League.
"Instead, it remains focussed on a successful transfer of share to the preferred bidder, the Pompey Supporters Trust."
The next step for the PST is a court visit on Thursday, when a date will be set for a further hearing on the sale of Fratton Park.
Former owners Portpin hold the stadium as security, and the court will set a valuation after the PST was unable to agree a price.