On Friday morning, as a result of debts totalling £60m, Portsmouth became the first Premier League club to go into administration.
The announcement follows weeks of speculation over the survival of the south coast side, who have had four different owners this season, and almost certainly consigns them to relegation from the top flight due to the resulting nine-point penalty they will incur.
The news has prompted much comment and concern from both inside and outside the footballing world.
TOTTENHAM & FORMER PORTSMOUTH BOSS HARRY REDKNAPP
"Going into administration is the better of two evils. For the last few weeks they have been talking about going out of business, which is the last thing anybody wants.
Portsmouth can 'rise from ashes' again - Redknapp
"They have accepted they were going to get relegated anyway so they can go down and come back strong again.
"It has been amazing how it has gone at Portsmouth in the last eight months. We keep seeing owners coming in but then there's no money.
"At least the club will still be there. They will go down but they will get the parachute money [from the Premier League], £16m next year, £16m the year after.
"They have to rebuild and come back again. They can do that - they have done it before."
LEICESTER & FORMER POMPEY CHAIRMAN MILAN MANDARIC
"What's happened is sad. It's been one mess after another. It's something we didn't want to see happen but we have to deal with it.
"The community lives and breathes for the club there and there is no reason why it can't grow out of this and be even stronger.
"Andrew Andronikou [the administrator] has a challenge but he's a capable guy and has done it before.
"It's a tremendously attractive club, it's special and can be one of the best in the country. There is enough land around to rebuild the stadium, with 35,000-36,000 seats.
"Someone needs to support it - and they need passion, desire, commitment and money."
PORTSMOUTH CHIEF EXECUTIVE PETER STORRIE
"If you have a scenario when your owner wants to run the business this way and he is supporting that financially, then that's the way the club goes forward.
"The issue is when suddenly, unfortunately for circumstances out of his control, the finances dry up and he hasn't got any more money to put in, you have existing commitments to pay for and they have to be paid for with no income.
"It was something that was outside of the control of [former owner] Sacha [Gaydamak], who tried very, very much to put a lot into this club but unfortunately his finances dried up through things in the world economy."
FORMER PORTSMOUTH MANAGER PAUL HART
"I think the club can be strong again if they use some foresight and planning and adopt a restructuring programme.
Porstmouth administration an opportunity - Ex-boss Hart
"It looks like administration is necessary and hopefully will give the club a chance to recover."
"The supporters have been long suffering and there are some very good, conscientious people who work there we should be thinking about because their jobs are in a precarious position.
"The players have done very little wrong and conducted themselves well. There are a lot of good people at the club and we tend to forget them."
BOLTON MANAGER OWEN COYLE
"Considering they were FA Cup winners two years ago, then it is sad and what I hope is that they do come through that and Portsmouth Football Club once again comes back energetically and with everything they are known for.
"It's sad because these are not little sums of money - these are huge discrepancies and there has been huge funding at the football club with the players they have sold and everything else.
"I think there is no doubt that there has been mismanagement somewhere and that's very sad."
BLACKBURN BOSS SAM ALLARDYCE
"Going into administration is obviously the best thing that can be done at this moment in time, to re-evaluate the finances at the club and grow from there.
"Many clubs have suffered it. This is the first in the Premier League and we hope it is the last but clubs like Leeds United that have come out of that heavy financial burden are beginning to grow again.
"I'm sure Portsmouth will in the next few years."
SPOKESMAN FOR PRIME MINISTER GORDON BROWN
"It is a sad day for a great club and it is deeply regrettable that they have gone into administration.
"Clubs like Portsmouth have a tremendous local following. If they are no longer able to play football, it is a sad loss for the local community.
"We remain concerned that fans and communities of football clubs like Portsmouth shouldn't suffer because of the inability of clubs to manage their finances properly.
"This is a great club and we hope they will be able to return to their former glories."
PORTSMOUTH SOUTH MP MIKE HANCOCK
"This is a football issue and and issue where the Premier League owes it to the football community here in Portsmouth to do a little bit more than they have done.
"All they have done at the present time is run the tax line and they haven't run very fast in helping us. What they have a responsibility to is the fans and the city of Portsmouth.
Football means a lot to the people of this city and it means a lot for the Premier League to actually show some faith and actually maybe pay off some of the small creditors at this club."
FOOTBALL SUPPORTERS' FEDERATION CHAIRMAN MALCOLM CLARKE
"Portsmouth's case yet again shows the inadequacy of the Fit and Proper Person test and is a failure by the Premier League and FA to ensure owners have real and sustainable funds.
"We welcome the Premier League's new, tighter regulations around finance and ownership but they simply don't go far enough and, in Pompey's case, it's locking the stable door after the horse has bolted.
"Top-flight clubs receive billions via TV deals alone, how do they end up in administration? Which other industry has such passionate 'customers' willing to part with fortunes so easily and yet gets itself into this predicament?
"If you ran your household budget like this, it wouldn't be long before you didn't have a roof over your head. The financial mismanagement of some our clubs is astounding."
SIMON WILSON OF RESTRUCTURING EXPERTS ZOLFO COOPER
"It seems certain that Portsmouth will be relegated and will need a complete restructure.
"Depending on the level of committed funding available the administrator may need to terminate players' contracts to reduce outgoings.
"The possibility of selling players outside of the transfer window has already been denied by the Premier League."
THE FOOTBALL ASSOCIATION
"We regret to see any football club enter administration and we would express our sympathy, in particular, to the supporters of Portsmouth Football Club.
"We have been regularly informed over the status of Portsmouth by our colleagues at the Premier League. The FA will continue to support the Premier League during this process."
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