Portsmouth have been told they must start next season in npower League One with a 10-point deduction.
The Football League said on Thursday it will accept Pompey's membership provided whoever buys the club complies with a number of conditions, notably another points deduction.
Portsmouth were also docked 10 points last season after entering administration for the second time in two years and were eventually relegated from the Championship.
Last month they moved a step closer to coming out of administration after creditors voted in favour of former owner Balram Chainrai's Company Voluntary Arrangement proposal, while the Pompey Supporters' Trust are also bidding to take over the cash-strapped club.
As well as starting next term on minus 10, the Football League say Portsmouth must agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.
They must pay all their football creditors in full, unless mutually acceptable compromise agreements are put in place.
Finally, Pompey will also face a range of other restrictions on playing budgets, future borrowing and loan repayments for the next five seasons.
A Football League statement read: "The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.
"The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the club going forward.
"The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs."