Peter Storrie, Chief Executive of Portsmouth revealed how his club were close to the edge on a BBC Radio 5 show.
The club have now been bought by Sulaiman Al Fahim, but there will need to an injection of cash to get them back to the point they were at under former Manager Harry Redknapp when they won the FA Cup and qualified for UEFA Cup.
» Read more: Pompey Were Close to Administration
Ashley Cole has signed a new four year deal. The Chelsea and England defender has had a great start to the season and is a consistent performer in Chelsea line-up.
Everton striker Yakubu is hoping to be fit for the start of next season.
Portsmouth defender Linvoy Primus signs a one-year contract extension at Fratton Park.
Wolves wrap up their third signing of the week, Sunderland defender Greg Halford for an undisclosed fee.
Arsenal’s England Under-21 left back Kieran Gibbs signs a contract extension at the Emirates Stadium.
Chelsea say they have “completely rejected” a second approach from Manchester City for England captain John Terry.
Chelsea sign striker Daniel Sturridge from Premier League rivals Manchester City.
Former Blackburn midfielder Bryan Hodge signs for Partick Thistle.
Michael Chopra has completed his club record £4m move to Championship side Cardiff City from Sunderland.
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