(CNN) -- FA Cup finalists Portsmouth will not be allowed to play in next season's Europa League, the English Football Association (FA) have confirmed.
The financially-stricken side, who became the first-ever Premier League club to enter administration earlier this year, would have been gauranteed a place in Europe next season because their final opponents, Chelsea, have secured a Champions League place.
However, Portsmouth's administrators -- who revealed on Wednesday that the club is in debt to the tune of $170m -- have been told that any late application for a UEFA club licence will not be considered due to the club's on-going financial problems.
A joint statement from the FA and English Premier League said: "The FA and Premier League have confirmed to the administrators of Portsmouth that they shall not consider any late application for granting of a UEFA Club Licence for the 2010-11 season."
The decision means the team who finish seventh in the Premier League, with Liverpool currently in that position, will take Portsmouth's place.
European football's governing body UEFA had earlier revealed that the club could submit a late application before May 31 -- but the Premier League and FA have subsequently decreed that the Portsmouth's financial situation is so bad that they would not meet any of UEFA's criteria to enter.
Portsmouth's administrator Andrew Andronikou told Press Association Sport: "We have spent a long time going through all the necessary steps and we had hoped to make a European application next week.
"We felt that we would do our bit and that it would be up to the FA and the Premier League to do theirs. It's wrong for the fans that they should not be allowed to support their club in Europe next season."