A spokesperson for Balram Chainrai, owner of Portsmouth, has announced the football club will enter administration today. Phil Hall said: "We have started the process of putting the club into administration and this is due to be completed at the High Court in London [today].
"The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, can fulfil its fixtures and as far as is possible it is business as usual.
"We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience.
"Mr. Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend's FA Cup quarter-final at home to Birmingham.
"He has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket."
Mr. Hall believes administration offers the club a chance of "re-emerging as a healthy financial entity" and being an "attractive proposition for a potential buyer who could invest new funds in rebuilding the club's future."
Andrew Andronikou, of accounts UHY Hacker Young, will be appointed administrator. The Guardian reports he intends to issue a statement later today outlining how the club will be restructured to attract potential buyers.
Responding to the news, club manager Avram Grant said he was "very sad and very angry." Under Premier League rules, clubs entering administration are automatically deducted nine points, which means Pompey face almost certain relegation to the Championship this season.