Portsmouth could suffer a points penalty from the Football League following the administration of the club's parent company Convers Sports Initiatives.

The Championship side announced today that chairman Vladimir Antonov has stepped down from his post due to the insolvency proceedings prompted by his arrest regarding money laundering and fraud alongside business partner Raimondas Baranauskas.

While the former Premier League side could potentially face a substantial points penalty, the Football League have announced that they will wait to consider any punishment.

A statement read: "The matter will be considered by the board of the Football League as and when all the facts surrounding the administration of the club's parent company become available."

Portsmouth have reiterated that the club are not in administration and will continue as normal while searching for a new investment.