Portsmouth have not been able to pay some of their players this month, with Chief Executive Peter Storrie telling ESPN Soccernet that ''there is no money left'' at the club.
Paul Hart's side have lost all seven of their Premier League games this season and sit rock bottom of the table, but The Portsmouth News reports that some Pompey players are said to have complained to the club after not being paid.
Storrie, driving into Fratton Park to find out if and why the players' wages were late, told ESPNsoccernet that the money has run out at the south coast club.
"All the money from all the player transfers and the Sky TV money, all of the £35 million from January, has gone straight to the Standard Bank,'' he said. ''There is no money left.
"Whatever we spend on a monthly basis comes channelled through from the new owner [Sulaiman Al Fahim]. He has promised to re-finance, and he has shown me all the documentation, but I have no idea about the conditions of the £50 million he says will be arriving in a few weeks.
"We need to re-finance, it is as simple as that. As for the players wages for the last month I would imagine it's a blip and they will be paid, but I have spent the last nine to ten months fighting fires on a daily basis, I'm not giving up.
Having been linked with a move away from the club, Storrie claimed last week that the reactions of the fans had persuaded him to stay.
"Yes I thought about going, but that reception from the fans, how could I go after that,'' he said. "Yes, we have been very close to administration a few times in the last nine to ten months, but I am not about to give up now.
"I've no idea of the timescale about how long this can go on. I don't want to frighten people. I am sure that if the re-financing that has been promised fails for some reason there will be other people ready to step in.
"There is only so much we can do, by that I mean, the present staff, we are all wholly reliant on the re-financing. Our jobs are to keep everything going until then, and of course I remain hopeful that this club will survive."
The unpaid players were assured that it was only ''a payroll issue'' and that the money should land in bank accounts on Thursday.
''Portsmouth FC can confirm that the first-team squad and executive board was not paid yesterday (Wednesday),'' a statement read. ''The club is currently being refinanced by the owner Sulaiman al Fahim following the recent completion of his takeover. There was a delay in the transfer of funds but the lawyers have received confirmation that this will happen today which will enable the players to be paid within the next 24 to 48 hours. The players have all been informed of the situation.
''The executive board will continue to help the new owner in his efforts to refinance which has come about as a direct consequence of the banks' requirements to retain all television receipts and profits generated during the transfer windows.''