Portsmouth's administrators say the club is in a "critical" condition and will be liquidated next month unless the remaining senior first-team players agree to transfers or sign wage-compromise deals.
The npower League One side have been set a deadline of August 10 by the administrators to have their finances in order or face going out of business.
Bryan Jackson, corporate recovery partner with accountants PKF and joint administrator of Portsmouth, said: "The situation at Portsmouth FC is now critical. If the remaining high-cost players do not compromise on their wages or agree to move then we won't be able to complete the sale of the club and it will close down. It is as simple as that."
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