Portsmouth chief executive Peter Storrie has admitted that players may have to be sold to keep the club from going bust.
The news comes after Pompey once again failed to pay players their December wages as the financial problems at the club persist.
Storrie said: “If the way to keep this club alive is to sell a couple of players again, we will have to do that – but it will be an owner’s decision.
“If you do not sell, then you could well be going into administration.”
Meanwhile, Pompey executive director Mark Jacob told BBC Radio Solent that the monthly wage bill, thought to amount to about £3m, will be cleared ahead of training on Thursday after funding was secured overnight.
The wages should have been paid on 31 December, but the club advised their players that the payments would be processed on 5 January. That deadline was missed, as was another on Wednesday.
It is the third month this season in which the players’ wages have been delayed, although the club did pay non-playing staff their December wages on Monday.
Storrie also revealed that Portsmouth owner Ali al-Faraj had been unable to organise new bank finance or bring new investment on board since his arrival in October.
“The new owners have come in almost overnight and to be fair they have put a lot of money in the club,” added Storrie.
“They thought they were in a strong position to replace bank finance and bring in a major new investor that was going to come in and be involved.
“But those two things have not happened and although they are working on doing that, time is catching up with them in terms of the debts and the money that is needed to run a Premier League football side.”
With the club contemplating selling some of their most valuable players, Pompey are considering recalling striker David Nugent from his loan spell with Burnley.
“We are thinking about this,” said Portsmouth manager Avram Grant.
“In the next few days we will know. It depends on many things. But it could happen.”
Portsmouth, who are currently banned by the Premier League from signing players, have suffered several financial crises already this season.
On Monday, it was also revealed that the Premier League is to use Portsmouth’s share of the latest television monies to pay off the club’s debts to other top flight sides.
Chelsea, Tottenham and Watford are all owed money by Pompey and the Premier League will split £7m between them.