The magnitude of the crisis has been highlighted by players not being paid on time three times this season - this month's salary was due on New Years' Eve, then on Tuesday but there was no confirmation of deposits being made by mid-afternoon the day after the revised deadline.
For those working under owner Ali Al Faraj, paying wages appears to be the short-term priority but getting the transfer embargo lifted looks just as important. Grant could recall Nugent 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.
"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."
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 on 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. Harry 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."
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