Portsmouth have been issued with a winding-up petition by HM Revenue & Customs.
The cash-strapped club have endured a miserable season on and off the field this term with Pompey sitting rock bottom of the table and having a transfer embargo placed on them due to their financial problems.
Players and staff have seen their wages delayed twice already this year as Pompey look to pay off the debts hanging over the club.
Portsmouth are believed to owe over £10million in fees to other English clubs and it has been suggested they will have to sell more of their stars to pay off the debt.
The news that a winding-up petition has been issued will raise doubts over the long-term future of the club as they try to find the funds to keep Pompey running.
The petition was presented on 23rd December but a full court hearing will not take place until February.
If the club are unable to improve their situation, they could be placed into liquidation.