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The situation at Portsmouth Football Club appears desperate. The club is reported to be £58M in debt and the administrator can't find a buyer.
Football League chairman Greg Clarke noted the situation earlier today.
"I think it [liquidation this summer] is a distinct possibility because the debts of that club are immense, tens of millions of pounds, and they have relatively few assets," Clarke told Sky Sports News.
"Unless someone comes along with significant capital to invest in that club, that club will be liquidated by the administrators."
Should Portsmouth be liquidated, it's almost certain they will reform. But what isn't certain is in which league they would play.
On the one hand the practical problem of housing Pompey supporters at away games might suggest they couldn't drop out of the Football League. On the other hand clubs like Accrington had to drop down four of five leagues when they got into trouble.
Timing of any liquidation could have an effect on Hereford United. If Pompey were to be liquidated by early June, the League might decide that only one club would need to drop to the Conference.
However if liquidation happened after early June when the fixture list is compiled, then it more likely that League One would have one less club in it next season.
