POMPEY have confirmed they have entered administration at the High Court today.
The Fratton Park club are £60m in debt with a further £11.7m to HM Revenue and Customs tax bill still to pay.
Administration will mean Pompey will have to sell off all their remaining assets with the ground and surrounding area already in the hands of Balram Chainrai and Sascha Gaydamak.
Pompey still has separate disputes with former owner Gaydamak, the Premier League and ex-player Sol Campbell, and a nine-point deduction will see them have just seven points - 17 from safety with just 13 games left this season.
A statement on the club's official website accepted this would mean almost certain relegation from the Barclays Premier League.
When the club's chief executive, Peter Storrie arrived at Fratton Park, he was accosted by one angry fan calling on him to resign.
The supporter claimed Mr Storrie was "having a laugh" for taking home a £1.2m salary.
Meanwhile, a spokesman for the Hampshire club dismissed speculation Pompey boss Avram Grant has left the club.
There was talk of Grant hosting a press conference early this afternoon, ahead of the one planned for Fratton Park.
However, the spokesman said: ''That's not the case. As far as I'm aware he's still with the club.''
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