Balram Chainrai is seeking to purchase Pompey, but the club have claimed former owner Sacha Gaydamak is now asking for an additional payment. The South Coast club went into administration in March with crippling debts and were relegated from the Premier League.
Lawyers met with Gaydamak hoping to finalise the purchase, but say he refused to release his share in the club without increasing the amount of money he was due to receive.
Andronikou has insisted there is still a future for professional football in Portsmouth.
"Contractual negotiations have stalled this afternoon but I am disappointed there has been a press release. I am still hopeful we can sit down over the next 24 hours and agree a way forward," he told Talksport.
He did, however, concede that a deal needed to be completed early next week to go through.
He seemed unhappy with Portsmouth's statement in which they had warned liquidation was now likely.
"Despite being offered full payment for the secured part of his debt in accordance with the financial plan approved by the Football League, Gaydamak has demanded a very significant upfront cash payment in order to allow the deal to proceed by releasing his security," read a statement from the club.
"It appears likely that the club will now be closed down and liquidated by the administrators as they are unable to support the continued trading of the club. We would like to thank the Football League in particular for their support and assistance through this difficult process. This has now been undermined by the self-interested actions of one individual.
"Gaydamak has provided confirmation several times that terms were agreed. He has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction. He has shown complete disregard for the supporters, the club and the City of Portsmouth, who had granted him freedom of the city in 2008."
Portsmouth started this season poorly, having lost most of their players, but recovered enough to now have 15 points to their name from their opening 12 games. Saturday's Championship game at Hull City will go ahead as planned.