David James concedes Portsmouth's players fear the club could go into administration if Sulaiman Al Fahim's proposed takeover collapses.
Question marks continue to linger over Al Fahim's takeover with reports hinting the next 24 hours could be crucial after he failed to secure an extension to seal the finances to acquire the club.
Pompey have already sold two of their prized assets in England internationals Peter Crouch and Glen Johnson in order to service debts during the summer transfer window.
There are fears more players could be sold before the window closes and James admits he is shocked and surprised to hear the word 'administration' in and around the walls of Fratton Park.
James is at a loss to establish how the club has raked in around £80million in transfer fees in recent years and can still find themselves in a perious financial position.
"Hearing that dreaded word - administration - attached to a Premier League club, albeit speculatively, is unprecedented in this division," he told The Observer.
"Hearing it in association with your own club is much worse."
He added: "This league is supposed to be bulletproof. But over the summer months, as we began to sell our players, those left in the dressing room couldn't help looking round and wondering, 'Who's next?'
"You can't help but start wondering whose fault this is. Why is it happening?
"That's a difficult question to answer when the club has accumulated almost £80m in transfers in the last calendar year - so where has all that income gone?
"You look at your own wages and you naturally worry about the rest of the staff at the club. To think that perhaps one of them might lose their job because of the situation, you ask yourself, 'It is because of what I'm earning?'"