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The club confirmed in an official statement that it has found itself on the verge of bankruptcy and liquidation.
The team that dropped out of the English Premier League after last season is plagued by financial problems, and the implementation of the rescue plan stalls without reaching an agreement with former owner Alexandre Gaydamak.
According to club officials, a buyer has emerged, but the deal got stuck when Gaydamak demanded an advance payment.
"Portsmouth" can no longer fulfill its obligations, so it will most likely be liquidated," the statement said.
