Portsmouth executive chairman Peter Storrie revealed the club must "sell to keep going" with delays continuing over Sulaiman Al Fahim's proposed takeover.
The switch in ownership to Al Fahim from Alexandre Gaydamak looked all set to proceed after the former passed the Premier League's 'fit and proper person' test.
However, the deal is not yet certain to be completed and Storrie warned supporters that with no money coming in from either Al Fahim or Gaydamak, there could be further departures from Fratton Park to add to the big-money exits of Peter Crouch and Glen Johnson.
"Until this takeover happens, neither the old nor the new owner is placing any money into the business," Storrie told The Sun.
"When - and if - it does, I'm not yet aware of what finance will be available for (new) players.
"The business has debts to pay and the banks are not releasing funds, so this leaves the club with no option but to sell to keep going.
"I agree we need new players, a stadium, but we can't do it without finance and we've had none of this for more than nine months."