Championship - Portsmouth apply for administration
Portsmouth are facing a 10-point deduction from the Football League after the club confirmed they have applied to go into administration.
A points deduction of that scale - an automatic penalty for administration - would see Pompey drop into the relegation fight at the bottom of the Championship.
It would be the second time in as many years that the club has gone into administration.
The club has been struggling since November when Russian owner Vladimir Antonov was arrested in connection with alleged fraud at a Lithuanian bank.
Pompey face a winding-up hearing next week over an unpaid tax bill and have not been able to pay their players and staff for January.
A club statement said: "Portsmouth Football Club today made an application to the High Court to go into administration.
"The club will not enter administration until the court endorses the application and appoints an administrator."
Peter Kubik, of the club's financial advisors UHY Hacker Young, said Portsmouth's bank accounts had been frozen after the winding-up application by HM Revenue and Customs.
He said: "The club are in the process of seeking an administration order.
"The club's bank accounts have been frozen due to the winding-up hearing and they are finding it very difficult to trade. Once the administration order is in place the bank accounts will be made accessible again. We are aware that administration carries an automatic 10-point deduction by the Football League."
Pompey were plunged into another financial crisis after their parent company, Convers Sports Initiatives (CSI), went into administration in November. UHY Hacker Young are the administrators for CSI.
The tax bill is for between £900,000 and £1.2million but Kubik said there were many other outstanding bills to pay. Among these, the club needs to pay their electricity supplier in order to avoid being cut off.
"There are lots of bills they need to pay," added Kubik.
The High Court administration hearing is due to take place on Friday.