Pompey became the first Premier League club to enter administration yesterday and chief executive Peter Storrie announced he will quit once the club is sold.

Andronikou has pledged to "cut costs to the bone" but is determined to bring some stability to Fratton Park.

He therefore has no intention of selling Pompey to anyone who cannot prove they have the cash to develop the club.

He said: "Given the recent history of the club, I would like to make it clear before any interested party approaches us that we will require up-front and unequivocal proof of funds.

"They will also need references that will satisfy the Premier League or the Football League's profile for a fit and proper person.

"I would not waste a cup of coffee on anybody unless they can show me proof of funds from a AAA-star bank.

"I don't care if they're a prince or king of any country in the world, they must prove they have the funds to do the deal."

Andronikou says Pompey's recent struggles have left them owing £32million to former owner Sacha Gaydamak, £13-15million to owner Balram Chainrai, £15million to the Inland Revenue and £6-7million to other general creditors.

While he is determined to delve deep into Pompey's mucky recent history and discover who or what caused their financial meltdown, he said getting the business on an even keel is his top priority for now.

He said: "In terms of the history, we are only looking forward in terms of stabilising the club and reinstating a solid foundation for its future.

"We do, however, as officers of the court, have a duty of investigating the company's recent financial history.

"I can assure you that this will be undertaken, but at present, we are focusing on the problems in hand which are not insignificant."

Chainrai was reportedly set to reclaim some of the cash he put into the club by assuming ownership of the stadium and charging Pompey £1million in rent per season.

But Andronikou said Fratton Park still belongs to the club.

He added: "I understand there is an option for them (Chainrai's company Portpin) to complete the purchase of the stadium. Ask yourselves why it hasn't been completed.

"I haven't seen the details but I can categorically tell you that deal has not been completed. I want the football club to own its stadium."