The administrator of Portsmouth has revealed that the club is facing a winding-up order from Her Majesty's Revenue and Customs.
Pompey have had several financial problems and issues regarding the ownership of the club over the last few years.
Now Andrew Andronikou, the administrator of Portsmouth's parent company Convers Sports Initiatives admits that the situation is "extremely serious".
"The club effectively ran out of cash at the end of December," he told The Observer.
"We're under extreme pressure to find a buyer and time is against us.
"We need to focus on finding a buyer to completing a transaction to raise cash. In terms of working capital and cash it's only going to come from two sources: a buyer or player sales. We're working on both."
The South Coast outfit are currently 17th in the Championship table.
Written by
Joe Fish
Joe Fish
