Potential new Portsmouth owner Balu Chainrai will submit a business plan to the Football League, according to the club's administrator. The plan demonstrates the club can trade as a sustainable business and includes financial details of income, expenditure and how Portsmouth plan to cover any 'black holes' in its accounts.

A business plan needs approval from the Football League's board before the club receives its league share.

"Chainrai sent a cash flow plan to the Football League on Friday." said Andrew Andronikou. "The main business plan will follow tomorrow. We still believe we are on track to exit administration by October 1."

A club that enters administration automatically has its share withdrawn and, under league rules, a club cannot start two consecutive seasons in administration.

Portsmouth could face a points penalty if the club exits administration without an agreed Company Voluntary Arrangement (CVA).

The Football League suspends a club's notice of withdrawal of its share, to help clubs trade and compete in games, and a League spokesman has told Sky Sports News that business plans "take time".