Portsmouth administrator Andrew Andronikou confirmed that Israeli manager Avram Grant will remain at the club until the end of the current season, Sky News reported Friday.
Portsmouth Football Club traded their short-term Premier League status for the hope of long-term survival when they went into administration.
Earlier, Grant told Sky News that he had no information on whether the debt-ridden club would find a new buyer.
"I don't know. The finances, I don't know anything about," he said. "Of course," he replied to a comment that he looked troubled. "We did a football job and every step we couldn't do our job. I am very sad for me and for everybody."
The south-coast club had been due back in the British High Court next week to face an adjourned winding-up order from the government's Revenue and Customs department but, after failing to secure new funding or a new owner, instead became the first Premier League club to go into administration.
Already seven points adrift at the bottom of the league, Portsmouth will now suffer an automatic nine-point deduction, almost certainly condemning the 2008 FA Cup winners to relegation.
Portsmouth are some 70 million pounds ($107.3 million) in debt and attempts to find a new owner - the sixth in the last year - have failed.
The club issued a statement on their website (www.portsmouthfc.co.uk) confirming that they officially went into administration at 10:20 GMT (12:20 Israel time).
The administrators will hold a news conference at Portsmouth's Fratton Park ground later on Friday.
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