Portsmouth will be docked nine points on Friday when they become the first Premier League club to be put in administration.
The cash-strapped club have endured a nightmare season on and off the pitch - and this latest blow all but confirms their relegation to the Championship.
However, the one bright note is that they are expected to avoid going bust.
Nightmare: Portsmouth"s players have endured a miserable season
Boss Avram Grant had earlier said he had been "more or less" told the club would go into administration.
Pompey owner Balram Chainrai and his fellow investors had been in London continuing talks with representatives of four different groups interested in buying the club.
However, he has accepted that it is now unlikely a deal can be done before the club"s winding-up hearing is due to be heard in the High Court on Monday.
Pressure: Portsmouth manager Avram Grant
Administrator Andrew Andronikou has begun the paperwork after a possible buy-out by four consortia failed to materialise by this afternoon"s deadline.
Chainrai"s spokesman Phil Hall said: "We have started the process of putting the club into administration and this is due to be completed at the High Court in London first thing tomorrow.
"The administrator has begun work immediately on the paperwork and this should be completed by tomorrow."
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