A statement from the club's administrator Andrew Andronikou revealed Storrie had left "in the best interests of the club" after speaking with family and friends, although he will continue to advise them in a consultancy role.

Storrie had taken a 40% pay cut after 85 of the club's staff were made redundant earlier this week as Andronikou sought to cut costs.

Storrie will be "remunerated accordingly" for working with Pompey on a range of matters, including the sale of the club, the FA Cup semi-final arrangements and other projects.

Portsmouth escaped being wound up in the High Court yesterday when Her Majesty's Revenue and Customs (HMRC) accepted the club's move into administration.

HMRC had questioned whether Pompey owner Balram Chainrai had the legal right to put the club into administration, but abandoned that claim.

The club are, however, set to be deducted nine points by the Premier League which will almost certainly condemn them to relegation as they currently sit bottom of the table.

Despite their league woes, Portsmouth have reached the semi-finals of the FA Cup, where they will play either Fulham or Tottenham.

Their hopes of winning through to a second Wembley final in three years were boosted yesterday when Andronikou promised fans that no players will be moved on ahead of their last-four clash.

Former Portsmouth player Alan McLoughlin believes Storrie's exit is the right decision.

"I think it's probably the right thing, the fans will be happy with that," he told Sky Sports News.

"They've got what they wanted and I think it's probably right for the club to move on.

"Peter's alluded to there being a consortium waiting to take over the club and he's been instrumental in getting them to the table.

"Let's hope that happens and whoever comes in can manage this club in a slightly better way than it has been managed in the last three, four or five years.

"When things are going well, everyone hails Peter and the staff that are there at the time, but when things go poorly then things are not going to look good.

"I would say his reputation will have taken a little bit of a slap around the face, but I'm sure he'll get his head down for a few months and try and bounce back elsewhere."