The chairman of the Football League, Greg Clarke, has warned Portsmouth he fears they are on the verge of liquidation.
Pompey were relegated to League One after their recent 2-1 defeat against Derby but things could get even worse for them over the next few weeks.
The club were placed in administration in February - the second time in three seasons - and now need a buyer after their parent company Convers Sports Initiatives went into administration last November.
"The debts at that club are immense, we are talking tens of millions of pounds," Clarke told Sky Sports News.
"Now unless someone comes with significant capital to invest in that club, the club will be liquidated by the administrators.
"So it all depends if someone turns up with millions of pounds to invest in Portsmouth.
"The size of that bill may be too big for the local fans, I think the people of Portsmouth are doing their best to raise money, but it's a big ask to raise tens of millions of pounds from football fans."
Portsmouth's fan are diligently trying to raise money to stave off the threat of liquidation but it could be to no avail.
When asked if he thought the club would be liquidated, Clarke added: "No, I expect liquidation if a new owner does not come forward this summer."