Portsmouth's administrators have said that the financially-stricken club could be closed down by August 10.
It was announced on Monday that the Championship outfit are just weeks away from liquidation after years of financial suffering.
Administrator Trevor Birch has now revealed that the South Coast outfit could be out of business in three weeks' time should senior players not be sold or agree to wage cuts.
Birch said: "Everybody, including the players, have been served notice that the club will close down on August 10.
"The only way the club can be saved is if the players accept compromise deals. The Football League are in constant touch and know the situation, the PFA are also aware of it and are doing all they can to help.
"To save the club we are frantically trying to negotiate with players such as Kanu and Tal Ben Haim. We have offered Tal Haim a substantial compromise which he has turned down, so it is difficult to negotiate.
"If the new owner does not take over the liabilities and guarantee £10 million of football creditors then the Football League will not transfer its share and the club will go under."
Earlier this week, a group of Portsmouth fans appealed for the players who are owed money by the club to reduce their financial demands.
