Portsmouth have become the first club in the history of the Premier League to enter administration and are now facing a nine-point deduction.
The financially-crippled South Coast club have struggled to make it through the season and have seen four owners in charge this term.
Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive.
It was reported that four parties were considering a takeover but no deal was done before Thursday’s deadline.
Current incumbent Balram Chainrai admitted earlier this week that administration would be their only choice if a new buyer was not found by Friday.
Pompey felt they were left with no option but to enter administration with the club facing a High Court winding-up order over a significant unpaid tax bill amid reported debts of £70million.
The immediate future of the South Coast outfit looks secure for the moment, but with the expected points deduction, they look certain to be relegated.
Avram Grant’s side are already adrift at the foot of the table and their nine-point penalty, which will be confirmed by the Premier League board in the next few days, will see them 17 points from safety.
The club’s administrator Andrew Andronikou has vowed to save the debt-ridden club and said all its finances will be “reviewed and scrutinised”.
“I promise we will save your club and take you forward,” he said. “I will be cutting to the bone, I can assure you.”