POMPEY administrator Trevor Birch has not ruled out the possibility the club will be liquidated.
The administrator has given the view that Pompey might not be able to continue in a report to creditors of the club published today.
The report has been sent out to ahead of a creditors’ meeting called for April 26.
It outlines what Mr Birch and his firm PKF have under taken since becoming administrators in February and its plans for bringing it out of administration.
Mr Birch said: ‘As administrators, we are legally obliged to issue our ‘proposals’ to all creditors within eight weeks of our appointment and to call a meeting of creditors. This is standard practice in administrations.
‘The document summarizes the work that we have under taken since we appointed administrators on February 17 and outlines our plans for getting the club out of administration.
‘At the meeting on April 26, creditors will be asked to accept the contents of the report and to establish a creditors’ committee.
‘Since our appointment, my PKF colleagues and I have been focused on getting Portsmouth out of administration as soon as is practically possible through the sale of the club as a going concern and a subsequent CVA.
‘With this in mind, we have stabilised the club to enable it to fulfil its remaining fixtures this season and restructured the operations to make the business as attractive as possible to potential buyers.
‘We have also been in discussion with a small number of interested parties, although no offers have been received to date.
‘We continue to believe that we can find a buyer for the club before the money runs out and are doing everything we can to achieve this.
‘It’s what the club’s supporters. staff and players deserve after the turbulence and uncertainty of the past few years. It will also result in the best possible outcome for creditors as whole, in our view.
‘This remains a very challenging situation but we have a significant amount of experience and a successful track record as football club administrators.
‘As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren’t successful.
‘It would be irresponsible to claim otherwise. However, we want the club to have a sustainable long term future and are working hard to make this vision a reality.’