Portsmouth chief executive Peter Storrie has announced that he will step down once new owners are in place at Fratton Park.
The Fratton Park club confirmed their expected slide into administration at 10.20am on Friday morning amid reported debts of £70million.
Current owner Balram Chainrai, the fourth man to take the helm of the stricken South Coast club this season, admitted earlier in the week that the club would be left with no other option to keep the club in existence should a new owner not be found in time.
Storrie feels that Pompey now represents an 'exceptional opportunity' for prospective new owners, despite the fact the 2008 FA Cup winners are almost certain to be playing Championship football next season.
And the 57-year-old has launched a stinging attack on the supporters who once chanted his name but have now turned against him as the club spiralled deeper and deeper into despair.
A statement from Storrie on the club's official website read: "Portsmouth Football Club has formally announced that it has gone into administration today and this is an extremely sad day for everyone connected with the club.
"However, by this course of action Balram Chainrai has kept the club alive and given someone an exceptional opportunity to take this great club on with fresh investment to steer Portsmouth in a positive direction.
"Whilst accepting as Chief Executive of Portsmouth Football Club that it was inevitable that criticism would come my way, the overall funding of the business was the responsibility of the owner.
"What I am not prepared to accept is the very personal level of abuse on websites, emails and local radio which I have received over the last couple of days.
"It is my intention to work with the administrator to help sell the business and I hope that will be quick as there is already interest in acquiring the club. I will also work with Avram Grant on the football side.
"Once the sale is complete, I will tender my notice to the new owners as set out under the terms of my contract.
"I find it somewhat ironic that a couple of months ago my name was being chanted by the fans at a time when I seriously considered my position at the club. Yet now, because I appear to be the last one left, they are calling for my head.
"My decision to stand down has not been taken lightly, but I have had to take into account the views of my family who have witnessed first-hand the effect that the last 15 months has had on our lives.
"I have really enjoyed my eight years at the club and the success we have enjoyed on the pitch: winning promotion to the Premier League and seven years in top-flight football, culminating in winning the FA Cup in 2008.
"I will really miss the genuine fans who have been so supportive and good to me, the staff who I have worked with closely and the club in general. I and others at the club have worked tirelessly to save Portsmouth and wish now that the future of this club be secured, because, at the least, the fans deserve that."