Portsmouth chief executive Peter Storrie has revealed the club came close to going into administration "on a couple of occasions."
Storrie admits the club have been in a precarious position recently as they have attempted to balance the books after living "way outside our means."
He told BBC Radio Five Live: "On a couple of occasions it (going into administration) got very close."
Pompey, who were bought last week by Sulaiman Al Fahim, have sold the likes of England pair Peter Crouch and Glen Johnson as well as Sylvain Distin.
They were also one of the busiest clubs during the closing days of the transfer window with Croatia playmaker Niko Kranjcar reluctantly sold to Tottenham for around £3.5million while David Nugent joined Burnley on loan.
It was not all one-way traffic with deals for Mike Williamson, Tal Ben Haim and Hassan Yebda, on loan from Benfica, all concluded.
"It's something I was personally fighting very heavily against but at the end of the day you can only ask people so many times to give you a little longer to pay things," he added.
"Some of the football clubs and the revenue and agents were being absolutely fantastic and doing a lot of it on my name really and saying 'okay, we'll do it for you Peter'.
"They were being very, very understanding but even they, rightly so, were getting to the point of saying 'how many more times can we do this?'
"I really do want to say a big 'thank you' to all those people helped us so much to get into this position so we're now going forward."
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