However, Bishops Printers managing director Gareth Roberts told PrintWeek that he had seen the "bigger picture" and the importance of the club's survival.
Premier League strugglers Portsmouth FC went into administration today (26 February) with UHY Hacker Young. The club is expected to be sold, allowing it to continue.
The Football Association has strict guidelines regarding clubs that have fallen into administration, which includes forcing them to pay back all their "football debts". While other clubs owed money by the club will get their money back, non-football creditors do not come under the FA's jurisdiction.
Bishops prints programmes for a number of other football clubs, including Arsenal and Chelsea. It was also hit when Championship club Crystal Palace went into administration last month.
Roberts said: "There is some unease for me that the structure of football finds a way to settle debts to other football clubs while we are left knowing we will never recover our debt.
"But you know that is a risk when you deal with a football club and I have to be fair and say that we were as well looked after by them as we could hope to be. I have to look at the bigger picture and say it is important to the local businesses and community that Portsmouth football club continues."
Roberts added that his designer was still based at the club's ground and he would have no hesitation continuing to trade with the club. "I fully expect to be printing programmes for them in the Championship next season."