Superglass also warned "if for any reason the refinancing does not proceed, it is likely that existing shareholders' ordinary shares would have no value and that the company would likely enter into administration or some other form of insolvency procedure".

BBC: workers at Superglass

Portsmouth went into administration on Friday, and Andronikou, an insolvency practitioner from UHY Hacker Young, now has the job of assessing the extent of the damage, along with colleague Peter Kubik.

BBC: Administrator vows to save debt-ridden Portsmouth

The troubled Welsh club may come out of administration on Monday but the RFL have still imposed a points deduction for breaching insolvency rules.

BBC: Crusaders suffer points deduction