The magnitude of the financial crisis at Fratton Park has been highlighted by players not being paid on the correct day three times this season.

They were due to receive their December salaries on New Years' Eve but that was put back to Tuesday - and 24 hours later there was still no money deposited for Pompey's players.

"Further to talks we are confident the wages will be paid this week to resolve the short-term position but the long-term position still needs to be resolved," said PFA chief executive Gordon Taylor.

"This is a serious situation that involves the Premier League and the PFA, as well as the concerns of supporters of the club and the players."

Paying their players has been one part of the financial problem at the club this season, with a prolonged transfer embargo looming.

The Premier League have imposed the player-registration freeze until they are happy with the club's finances and although there has been dialogue, Pompey have yet to provide sufficient assurances.

Pompey boss Avram Grant, as a result, is considering recalling David Nugent from his loan at Burnley if his options are limited.

"We are thinking about this," he said.

"In the next few days we will know. It depends on many things. But it could happen."

Pompey chief executive Peter Storrie believes the club may need to sell players to stay afloat - highlighting the importance of getting the transfer embargo lifted.

"If the way to keep this club alive is to sell a couple of players again, we will have to do that - but it will be an owner's decision," said Storrie.

"It will look doom and gloom but what is the other side of that? The other side of that is if you do not sell, then you could well be going into administration.

"The new owners have come in almost overnight and to be fair they have put a lot of money in the club.

"They thought they were in a strong position to replace bank finance and bring in a major new investor that was going to come in and be involved.

"But those two things have not happened and although they are working on doing that, time is catching up with them in terms of the debts and the money that is needed to run a Premier League football side."

If they did have their transfer embargo lifted, Pompey would need permission from FIFA to sell one of their most valuable assets in Kevin-Prince Boateng, as the Ghana midfielder has played for two teams this season already.

It is against FIFA rules to play for three clubs in a season but cases can be referred to the sport's governing body.

Jamie O'Hara's loan from Tottenham expires this month and he is willing to join another club in a short-term deal if he is not allowed to rejoin Pompey.

"If Portsmouth can't do it, maybe I'll be going somewhere else," said O'Hara.

"I've been doing well here and enjoying my football. (Spurs manager) Harry (Redknapp) doesn't want me to go back and not play, so if I can't stay at Portsmouth, maybe I'll be looking to move on."

Storrie has explained the start of Pompey's problems coming from the economic downturn and leading to Alexandre "Sacha" Gaydamak not being able to fund the club.

"We very much run a dream going forward in terms of costs of wages and costs of players and the loss of the business," Storrie told BBC Radio Solent.

"When Sacha took over he wanted to fund that side of it and did fund a lot of it for a while.

"What happened was a lot of very, very expensive players were bought on the basis that it was transfer fees going forward, but not necessarily at that time and when the credit crunch hit and the problems happened in terms of the world market, Sasha had the situation where he not only couldn't fund anymore but couldn't fund the existing agreements. That is where the debt position has come from."

Storrie sympathised with fans, who know little about new owner Ali al-Faraj.

He added: "The situation we have now is that the board is looking after the day-to-day operations but are not involved in the major decisions in terms of finance and the way forward.

"You have an owner and his key advisors, which apart from his lawyer none of which sit on the board.

"It's quite amusing when the fans say sack the board because it won't get them anywhere."

The debt of the club, according to Storrie, comes from paying back directors' loans to Gaydamak and money owed from transfers.

He added: "The biggest issue the club has had is that there have been £50million losses in three years and on top of that we've had to pay £30million back to banks.

"So there is no bank borrowings from the bank apart from on the office buildings. The debts are with the original owners in terms of Sasha, the current borrowers and the transfers."