Portsmouth administrator Andrew Andronikou has vowed to save the cash-strapped club and said all its finances will be “reviewed and scrutinised”.
Pompey became the first club in the history of the Premier League to enter administration after accumulating debts of about £60m.
Andronikou says he faces some difficult decisions over the next few weeks but has told fans not to give up hope.
“I promise we will save your club and take you forward,” he said. “I will be cutting to the bone, I can assure you.”
Portsmouth went into administration on Friday, and Andronikou, an insolvency practitioner from UHY Hacker Young, along with colleague Peter Kubik, now has to find the necessary funds to keep the club afloat.
In a statement, Andronikou said: “We are looking to immediately address the significant monthly tax burden of the club by implementing a swift cost rationalisation programme.
“Every aspect of the club’s overheads will be reviewed and scrutinised. Our aim is to maximise all revenues and to eradicate all unnecessary costs.
“We have many difficult decisions to make in next few days. I promise you we will save your club and take you forward.”
Andronikou also believes it will be necessary to sell “one or two” players, although the club would need special dispensation from Fifa and the Premier League to do this outside of a transfer window period.
“We are asking the Premier League for their assistance, this is very new for them,” said Andronikou.
“There will be a meeting with the Premier League next Thursday where I will make a presentation.
“I need to generate working capital in the next two months. We will have to sell one or two players but I am not looking to sell players on a fire-sale basis.”
Andronikou also confirmed that manager Avram Grant had promised him he would stay until the end of the season.
“I’ve spoken to him briefly,” said the administrator. “He has given his full support to stay till the end of the season.
“It would be very naive of me to start looking for a new manager.”
Andronikou will continue discussions with parties interested in investing in taking over the club. However, he will demand “proof of funds up front” from any would-be buyers and insists they must satisfy the Premier League’s ‘fit and proper person’ requirement.