Portsmouth's problems have taken a turn for the worse after it was revealed that the Premier League's bottom club have been issued with a winding-up petition by HM Revenue & Customs.
It is believed that the development occurred on 23 December but a full court hearing will not take place until February.
It is not inconceivable that Pompey will be declared bankrupt if their financial position fails to improve in the next few weeks.
The club have been late paying their staff their wages twice in the last few months and have been taken over twice since the summer.
Avram Grant was recently appointed manager after Paul Hart's departure.
However, executive director Mark Jacob thinks the club's transfer embargo, which has been in place since mid-October, will be lifted next week.
He was quoted in The Guardian as saying:"I hope it will get lifted next week. We haven't had the benefit of a transfer window. As soon as we have the benefit then it will be an opportunity for Avram to start doing some trade.
"There shouldn't be a problem with the salaries this month. We're confident."
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