Phil Hall, spokesman for the owner Balram Chainrai, said in a statement: "There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned.

"The partners have put 17.0 million pounds of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives. Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future.

"We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them."

The south-coast club, which is understood to be £70 million in debt, faces a winding-up petition from the British government's Revenue and Customs department which claims £7.5 million in unpaid taxes.