mardyone wrote:
Joey, I don't think the Premier League will be bothered too much if Portsmouth are liquidated, as  some  of  the parachute money they owe them, has already been assigned to Sacha Gaydamak. May well give him the rest.

http://www.bbc.co.uk/sport/0/football/17219854
That's the key reason for their impending doom as I understand it... they have no money and any significant sums due to come in are due to go straight back out on 'football debts' which apparently includes repaying irresponsible former owners responsible for the mess in the first place.