Portsmouth's bid to come out of administration was scuppered by the Football League on Thursday.
Officials have decided not to approve the transfer of the club's Football League share, which would signal their exit from administration, until further conditions are met.
A Pompey statement read: "Following a meeting of The Football League Board today (Thursday), Portsmouth Football Club have been informed that the League are not yet able to approve the transfer of The Football League share to the club."
It continued: "The League have indicated to the club that there are four further requirements that need to be satisfied.
"The club will now take time to consider the feedback from the meeting ahead of further discussions with the Football League."
Pompey went into administration in February, becoming the first Barclays Premier League club to do so, with debts of around £60million.
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