From 22 entries the south coast club made it all the way to the final three, alongside Nottingham and Manchester, but were eventually pipped to the title by the Nottingham bid.
Nottingham will now be proclaimed as the very first City of Football and will receive £1.6 million from Sport England to try and encourage more people to play the beautiful game.
Many of the loyal Pompey following believed that they were real favourites to win the title and grant, especially when you consider the adversity the club and its supporters have had to conquer in recent seasons.
The fans pulled the club away from liquidation and thus turned them into the biggest fan owned club in the country. And if that was enough of a supporter achievement then more recently the supporters have united to raise over £250,000 in order to build two brand pitches for the club's academy.
Clare Martin, chief executive at Pompey in the Community told the Portsmouth News: "I’m disappointed and quite shocked.
"I think when everybody knows in their hearts that football is embedded in the city and only your city can win, and it doesn’t, it hits hard.
"The city put on such a show for the judges on Monday – there could be no question that there could be anywhere more motivated.
"I can’t imagine anyone not wanting to take that, bottle it, and use that passion."
Here is how Portsmouth supporters reacted to the news on Twitter:
Gutted but Immensely proud of the whole @PompeyCOF team and all of the people In Pompey! Congratulations Nottingham.— Adam Lea (@addlea1) September 16, 2014
Very disappointed to see we missed out on the City of Football but Clare and team should be proud to get this far @PompeyCOF— Clare Roach (@CRoachy) September 16, 2014
Gutted we didn't win the city of football bid, massive well done to Adam,Clare and everyone who helped out with the bid! @PompeyCOF— Nelson (@PFC_Nelson) September 16, 2014
Positively gutted! Well done @PompeyCOF for all of the effort - it was great to see the backing you had (still have) 2016 is OURS!— Rosie Harris (@RosieAHarris) September 16, 2014
Congratulations to Nottingham, but i know where my heart lies @PompeyCOF always x— karen pompey waters (@pompeykaren) September 16, 2014
Absolutely gutted not to be named City of Football, once again the City was united. Good luck to Nottingham, but we all know the real CoF— Ashley Brown (@AshBeen23) September 16, 2014