Portsmouth administrator Trevor Birch had claimed that the club could be liquidated within the next two weeks.
The South Coast side have been left on the brink of collapse after eight senior players refused to compromise over wage demands.
One such player, the former Arsenal and West Brom forward, Nwankwo Kanu, has made a claim for £3 million in unpaid wages and Birch admits Portsmouth’s immediate fate is now exclusively down to the players.
The administrator told Sky Sports: "The club is heading for liquidation in just a few weeks, perhaps two weeks if these players don't leave or compromise on their wages.”
"We still have players like Ben Haim, Dave Kitson and Kanu on our books.
"Kanu has served the club notice that he wants to leave but before doing so he wants the money he says is owed to him by the club. These players hold the survival of the club in their hands,” he added.
Birch admitted the situation wasn’t necessarily the players’ fault, but stressed that after several false alarms the end is finally looming for the club.
"I must stress it is not their fault as the players didn't get the club into this trouble, but they do now have the ability to get the club out of this mess,” he continued.
"The problem with everybody is that this club has cried wolf so often that no one believes it will happen, no one believes they will go out of business, but they will in two or three weeks.
"It is that serious now. The trouble is 'Portsmouth fatigue', but the truth is that the club is now fighting for its life,” Birch concluded.