Portsmouth say they are likely to fold as they are unable to continue trading after talks with former owner and key creditor Sacha Gaydamak broke down.
The club claim that Gaydamak demanded an upfront cash payment to facilate a possible deal to go through and allow them to exit administration.
"It appears likely that the club will now be closed down and liquidated by the administrators," said Pompey.
Earlier in October the club's latest plan to exit administration was vetoed.
That proposal was blocked by the Football League on the grounds that they wanted clarification on four issues before handing Pompey's golden share back.
The Championship club went into administration in February with debts of around £120m.
The first Premier League club to suffer that ignominy Pompey were then docked nine points and were subsequently relegated.
Gaydamak was Portsmouth's owner between 2006 and 2009 before selling the club to Sulaiman Al Fahim.
"Despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Gaydamak," said Pompey in a statement.
Posted: Fri Oct 22, 2010 6:55 pm