Championship club Portsmouth could be docked ten points if they cannot begin the process of paying creditors £16.5m in April.
The club only escaped administration and possible liquidation last year when they agreed to pay off creditors at the rate of ten pence in the pound when their debts rose to £165m.
Pompey must pay all of the money by 2015, under the terms of the Company Voluntary agreement, with the first instalment due in April.
The club's parent company, Convers Sports Initiative have now gone into administration, however, and Portsmouth no longer have the capacity to pay off their debts.
Boss Michael Appleton will look to ease the tension surrounding the club when he welcomes Championship leaders Southampton to Fratton Park on Sunday afternoon.
