Portsmouth have confirmed they are at 'stalemate' with Aaron Mokoena as they aim to reach a settlement with the South African.
The 31-year-old has already lined up a deal to move back to his homeland with Bidvest Wits - but he still has a year left on his current deal worth more than £500,000.
However, administrator Trevor Birch insists that cash-strapped Pompey are unable to pay off Mokoena in full.
"We are trying to come to an agreement with Aaron but that is stalling in terms of how much he is looking for to leave," said Birch.
"I read his agent saying it wouldn't be a problem. Well, it's not a problem if you pay in full for them to go away. That's what they mean when it's not a problem.
"Basically, they want substantially more than we are prepared to offer so it is stalemate at the moment.
"The ball is in his court. We have put an offer to him and at the minute they are saying "no".
"If all of the players are going to take that view then this club is going to be liquidated, it's as simple as that."
Birch also said he was having similar issues with Kanu and Tal Ben Haim.
"Ben Haim and Kanu have not gone any further either. We are waiting for them," he said.
"It is very concerning, these demands will see the club ending up one way - and surely no-one wants that?"