Championship club Portsmouth are preparing a court application to go into administration.
The move has come after HM Revenue & Customs took out a winding-up order over a £1.2million unpaid tax bill.
The club's parent company, Convers Sports Initiatives, went into administration in November.
Pompey are currently 17th in the Championship table, but will drop down to 21st as a result of the ten-point deduction that comes with administration.
Portsmouth's financial demise has come on the same day that Scottish Premier League side Glasgow Rangers have confirmed their intention to enter into administration.
