Portsmouth Football Club have gone into administration, the High Court announced today.
It is the second time that the south-coast club have entered administration in two years and they will be docked 10 points as a result.
Pompey had been issued with a winding-up petition by HM Revenue and Customs on 3 January, freezing the club's bank accounts. The club currently owe around £2m to business creditors and a similar sum to the Inland Revenue in unpaid tax.
It also emerged at the hearing that electricity and gas suppliers have threatened to cut off power to the club's Fratton Park stadium due to non-payment.
Pompey became the first ever Premier League side to enter administration in February 2010, which culminated in their relegation to the Championship.
West Bromwich Albion, Wolverhampton Wanderers, Bristol City - as well as the Football League and Portsmouth Council - are all owed money.
Previous owner Balram Chainrai said last week that he was flying to the UK to sort out the stricken club's future.
The Hong Kong-based businessman, who owned the club with Israeli Levi Kushnir, is still owed £17m.
Their winding up order comes in the same week that British giants Rangers were also placed in to administration.