Portsmouth, who face a winding-up application by the taxman next week, applied to go into administration and this was approved by the High Court on Friday.
The club now drop to 21st place in the npower Championship - out of the relegation zone on goal difference alone.
Outside court, accountant Trevor Birch, whose team will manage the administration, said he hoped that a new owner could be found and urged fans to "keep the faith... it's all about having the right owner to produce some long-term sustainability for the club."
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