Portsmouth are again searching for new owners after parent company Convers Sports Initiatives (CSI) went into administration.
It was confirmed on Tuesday that CSI, who bought the Championship club in June, were going into administration, leaving the long-term future of Portsmouth uncertain.
Vladimir Antonov, who owned 68 percent of Snoras Bank which went into temporary administration earlier this month and is one of the main shareholders of CSI, was arrested last week for alleged fraud and forgery.
He has resigned as chairman and director of the club but has denied any wrongdoing.
Joint administrator Andrew Andronikou, who along with Peter Kubik has the task of finding new owners for Portsmouth, said the short-term future of the club was secure.
At the minute, our role is to find new owners for the business, Andronikou told Sky Sports.
The circumstances are beyond the control of the club. Unfortunately, in this situation, the shareholder, or the shareholder of CSI group, has his own difficulties and we have had to come in to take control of all his assets including Portsmouth Football Club.
Currently, we are in discussions with the (Portsmouth) board. The short-term future is secure. They need to address the medium to long-term view and find a new owner for the club.
Portsmouth became the first English Premier League club in history to go into administration in 2010, almost going out of business.
Now they are hoping to avoid a 10-point deduction from the Football League board, planning to stress they have not mismanaged spending.
If the deduction is applied, Portsmouth will go bottom of the Championship and be nine points from safety.
In 2009, Southampton received a 10-point penalty when their parent company went into administration, and they were relegated to League One with an investigation ruling the two were inextricably linked as one economic entity .
Portsmouth chief executive David Lampitt said: After the extraordinary amount of work put in by so many people over the last 18 months to get to this point, it is incredibly disappointing for the club to find itself in this position.
I want to assure staff and fans that we will continue to do everything possible to safeguard the position of the club and its longer term future.
