Hot on the heels of Crystal Palace Football Club's confirmation that it had fallen into administration after months of financial hardship, it's claimed Portsmouth faces the same fate unless a buyer snaps up the business in the next eight days.

The organisation fell short to the sum of £2 million as the transfer window closed last night, and not even the £3.5 million sale of keeper Asmir Begovic to Stoke will be enough to keep it afloat, according to sources speaking to The Sun.

It's thought the club has a £7.5 million tax and VAT bill that it hoped to pay by selling enough players before a High Court winding-up order next week.

A club insider tells the newspaper: "The end is very close. Unless someone comes in with a load of new cash within the next week, the club will almost certainly go bust. If the winding-up order is upheld, we simply can't pay the Inland Revenue."

Crystal Palace administrator Brendan Guilfoyle has said he's confident a buyer for the club will be found, claiming he is working "flat out" to sell a business he describes as an attractive proposition in spite of its financial problems.

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