Portsmouth chief executive Peter Storrie admits that the club will have to offload key players in a bid to stave off going into administration.
According to mirrorfootball.co.uk, The south coast club 'are battling debts of £60m and have been forced to channel £7m of Sky TV money directly to clubs owed cash for unpaid transfer fees. They also face a winding up petition by HM Revenue and Customs.'
Storrie admitted that the club would need to bring in some money very quickly to keep it afloat.
"If the way to keep this club alive is to sell a couple of players again, we will have to do that - but it will be an owner's decision," he said.
"It will look doom and gloom but what is the other side of that? The other side of that is if you do not sell, then you could well be going into administration.
"The new owners have come in almost overnight and to be fair they have put a lot of money in the club.
"They thought they were in a strong position to replace bank finance and bring in a major new investor that was going to come in and be involved.
"But those two things have not happened and although they are working on doing that, time is catching up with them in terms of the debts and the money that is needed to run a Premier League football side."