Portsmouth are on the brink of being closed down, according to a statement on the club's website.
The club said that it would be liquidated if an agreement cannot be found with former owner Sacha Gaydamak.
Portsmouth were relegated from the Premier League amid financial travails last season, during which they were docked nine points for falling into administration.
A statement on the club's official website said:
"Portsmouth Football Club is extremely disappointed to report that it has not yet managed to achieve the exit from Administration, despite the extensive efforts of the Football League, NewCo, the Administrators and their various legal advisors.
"It appears likely that the club will now be closed down and liquidated by the Administrators as they are unable to support the continued trading of the club.
"All other parties had managed to reach agreement. This has now been undermined by the self-interested actions of one individual. Mr Gaydamak has provided confirmation several times that terms were agreed. However, he has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction."