Portsmouth have become the first Premier League club to enter administration with chief executive Peter Storrie revealing he will leave the club.
The club, with £60m worth of debt, will be docked nine points as a result and face almost certain relegation to the Championship.
Pompey have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive.
Administrator Andrew Andronikou, of insolvency experts UHY Hacker Young, now has the responsibility of beginning the process of cutting costs at the club to try to keep it as a viable entity.
Portsmouth chief executive Peter Storrie will tender his resignation when the administrators had sold the club and said it was "an extremely sad day for everyone connected with the club."
He added: "By this course of action owner Balram Chainrai has kept the club alive and given someone an exceptional opportunity to take this great club on with fresh investment to steer Portsmouth in a positive direction.
"It is my intention to work with the administrator to help sell the business and I hope that will be quick as there is already interest in acquiring the club."