Portsmouth will start on minus 10 points if they are allowed to play in League One, according to the Football League.
The south coast club, who were a Premier League side just two years ago, have entered administration twice in two years after suffering a similar penalty at the beginning of last season.
Pompey Supporters' Trust and Balram Chainrai are currently battling for ownership, but must assure the club are in a stable financial footing to be competitive in the league.
In a statement the Football League confirmed they “seek to ensure the sporting integrity of league football and the financial viability of the club going forward".
Pompey currently have just eight players on their roster as the club try to sell players to cut costs.
Birmingham City confirmed the signing of Hayden Mullins on Thursday, and Aaron Mokoena is set to join South African club Bidvest Wits after having his contract terminated.