Portsmouth administrator Trevor Birch has admitted the club may not be able to complete their fixture list this season.
Portsmouth's financial problems saw the Championship club go into administration last month, and Birch has now revealed they are unlikely to receive further parachute payments from the Premier League, with former owner Sacha Gaydamak likely to be the beneficiary.
"Following our discussions with the Premier League and Football League over the past few days, it has emerged that Portsmouth Football Club is unlikely to receive any further parachute payments or other league funding," said Birch in a statement on the club's official website.
"We had previously stated that there was a real danger of the club running out of cash before the end of the season.
"The risk of this happening increases substantially without the money from the football authorities. Unless something significant happens, there is a real possibility that we may not be able to fulfil the season's fixtures.
"One potential issue appears to come from the assignment of £2.2million of parachute payments that was made by the old company to a previous owner. We have instructed lawyers to challenge this, but the process may take time."
Portsmouth are not only in strife off the pitch; a 10-point deduction has not helped their cause, and they are currently second from bottom and five points adrift of safety.
Despite their current plight, Birch is not giving up in his bid to save the cash-strapped club, though he accepts there is a desperate need to get new owners in place.
He added: "As you'd expect, several people have got in touch with us since our appointment as administrators and made enquiries about buying the club.
"We are assessing every case and will make contact with anyone that we believe could be a serious bidder over the next few days. Any potential bidders will need to be prepared to make a major investment in the club because the outlook for next season looks challenging unless we can sell some players in the summer."