Portsmouth remain in administration after their bid to emerge was rejected by the Football League.
Pompey, who became the first club in Premier League history to enter administration last season with debts of around £60million, were told there is still work to do if they are to reclaim their Football League share.
The south coast club were relegated to the Championship after being docked nine points last season.
"Following a meeting of The Football League Board, Portsmouth Football Club have been informed that the League are not yet able to approve the transfer of The Football League share to the club," read a club statement.
"The league have indicated to the club that there are four further requirements that need to be satisfied.
"The club will now take time to consider the feedback from the meeting ahead of further discussions with the Football League."