PORTSMOUTH are insolvent, according to HMRC.
The club has been given nine days to save itself from extinction.
Representatives from the revenue have told the court that Pompey are insolvent.
If that is the case, the club cannot continue trading.
Portsmouth FC have told the court they have received 'two serious offers' to buy the club.
A worst case scenario could see the club cease to exist.
However, the seven day adjournment means this weekend's derby match will go ahead - and could be the last game Portsmouth ever play.
Although Portsmouth have been given a seven day stay of execution, it will in effect be a nine-day period.
This is because the High Court is unable to schedule the next hearing any sooner.
The club owe HMRC a total of £11.5m, although the initial winding-up order was for a sum of £7.5m.
Negotiations between Portsmouth and the taxman yesterday broke down without a settlement being agreed.
A deal would have averted the current crisis.
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