Portsmouth's administrator Trevor Birch has confessed that the club may not complete their Championship season.
Pompey went into administration last month for the second time in as many years, and have been threatened with having their gas and electricity turned off.
Birch told the club's website: "Following our discussions with the Premier League and Football League over the past few days, it has emerged that Portsmouth Football Club is unlikely to receive any further parachute payments or other league funding.
"We had previously stated that there was a real danger of the club running out of cash before the end of the season. The risk of this happening increases substantially without the money from the football authorities. Unless something significant happens, there is a real possibility that we may not be able to fulfil the season's fixtures.
The parachute payments the club are due to receive from the Premier League will instead go straight to former owner Sacha Gaydamak.
Supporters have been vocal in their displeasure at the parachute payments:
Docked 10 points as a result of their financial state, Pompey are now second from bottom, just five points from safety.
Birch reaffirmed his commitment to saving Portsmouth from insolvency, but admitted that "the clock is ticking" as the south coast club seek new owners.
Top scorer Erik Huseklepp was recently loaned to Birmingham City in order to cut the wage bill, while 30 redundancies at the club were also announced.
First-teamers last week helped sell tickets at the Fratton Park ticket office in a bid to raise morale.