Storrie, whose salary when Pompey won the FA Cup in 2008 was widely reported as £1.2million including bonuses, has agreed to take a 40% pay cut, while "one or two" players have discussed a reduction in wages to help the plight of the Barclays Premier League's bottom club.

"He is still chief executive today," confirmed administrator Andrew Andronikou.

"He is still earning a wage and having spoken to Peter he would like it known he has taken a 40% cut in his basic wage.

"As regards to his basic wage he will be earning significantly less than £500,000. I don't believe there will be any bonuses this year."

Storrie has already stated he will resign when a fifth owner of the season is found, although his presence at the club could anger some fans due to his role during Pompey's financial meltdown.

While Storrie and the club's players remained in jobs, 85 from around 280 positions were made redundant and 12 members of staff are on reduced hours. There will also be discussions about staff taking wage deferrals.

"There is always a day in the administration when you have to look at yourself and wonder whether you like the job you do, but it is a necessary job," said Andronikou, who said he could not estimate the total savings of the cuts.

Andronikou, explaining why players were not included in redundancies, added: "The players are very much protected by the Professional Footballers' Association and I am unable to make cuts.

"Would I want to? They are the shop window of the club and we hope they will attract a buyer.

"One or two have discussed the possibility of reviewing their position with the club."

Pompey have seen the terms of their administration challenged, but Andronikou has held a "constructive" meeting with Her Majesty's Revenue and Customs.

"We had a very constructive meeting with HMRC on Tuesday and the company have provided a detailed analysis of its financial transactions with Portpin Limited, the chargeholder in this matter," Andronikou said.

"HMRC should be now be satisfied that the said debenture is valid and according our appointment is valid. We are hoping this matter will be resolved shortly."

By entering administration, Pompey have a nine-point deduction hanging over them from the Premier League - but Andronikou is still hopeful the club will not be penalised.

He also claimed more than 12 parties are interested in buying the club and two have provided proof of funds. He revealed that potential owners may have to pay £5,000 to see the club's documents to prove they are serious bidders.

He added: "I will reiterate this message to interested parties: you have to provide to us proof of funds and a proven financial covenant before we release further financial documents.

"There are in excess of a dozen now, we are receiving interest on a daily basis. As regards the quality of the interested parties I cannot comment because I have kept them at arm's length.

"I've been almost brutal dealing with them because I am working to a distinct plan where I want to see their proof of finds first and check their proof of funds. We have had two provide proof of funds."