The FA Cup 2008 winners Portsmouth will go into administration by Friday unless a buyer is found for the Premier League's bottom club. The Premier League will not to be leaping to their defence.
If Pompey enter administration they will be docked nine points, but the winding up order against them due to be heard on 1 March will be suspended.
A spokesman for Pompey owner Balram Chainrai said: "There is now only a short window of opportunity for buyers to come in with a credible offer.
"Having the club wound up is not an option as far as we are concerned."
Portsmouth have debts of £70m, and the winding up order was over £7.5m owed to HM Revenue and Customs.
Chainrai's spokesman Phill Hall said: "The serving of this notice [that Portsmouth intend to appoint an administrator] means the winding up order is automatically suspended.
"It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual."
However, they have been told that no such measures will be taken and they will be forced to fend for themselves.
Pompey had been hoping that a rescue package could be negotiated, allowing them to fend off the threat of a nine-point deduction and a winding-up hearing.
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