Wellington, Feb 19 NZPA - A controversial New Zealand businessman is reportedly offering a possible a lifeline to financially-troubled English Premier League soccer side Portsmouth.

Victor Cattermole's Hong Kong-based investment company, Endeavour Plan, has told the club chief executive, Peter Storrie, of its interest in buying out the current owner, Balram Chainrai.

It has suggested that 30 days' "due diligence" investigations may be required before being able to complete the deal, The Guardian newspaper in Britain reported.

Cattermole hit the headlines in 2003 in a row with New Zealand's Securities Commission, which warned people against paying money to his website investment scheme Endeavour Plan.

The commission banned advertising for the scheme because it had no registered prospectus or investment statement,

Cattermole claimed that because the scheme was not based in New Zealand, it did not need a prospectus registered here.Storrie told the newspaper that Mr Cattermole had confirmed in writing his interest in the club.

If the buy-out went ahead Endeavour was to be confident of clearing all debts to Portsmouth's creditors within a year.

Bottom of the league Portsmouth are millions of pounds in debt and are seeking permission to sell players outside the transfer window period to stay afloat.