Portsmouth's application to go into administration has been approved by a High Court judge.
Mr Justice Norris said he intended to appoint an administrator after the hearing began on Friday morning.
Portsmouth applied to go into administration earlier this week. The hearing was told the npower Championship club has debts of around £4million.
The hearing continued as the judge heard legal arguments as to which financial expert should take charge of administration.
In February 2010, Portsmouth became the first Premier League club to enter administration and were deducted nine points, condemning them to relegation.
They now stand 18th in the npower Championship table.
Convers Sports Initiatives, led by Russian businessman Vladimir Antonov, completed their takeover of the south-coast outfit last June, but entered administration in November with Antonov stepping down as club owner.
Her Majesty's Revenue and Customs issued Portsmouth with a winding-up petition in January, with the club then placed in administration for a second time at the High Court on Friday.