HM Revenue & Customs is seeking an order blocking a proposed Company Voluntary Agreement put together to help Portsmouth out of administration.
The south coast side are claiming the figure to be Ã‚Â£13 million less than what HM R&C believes to be owed.
Arguing on Pompey’s behalf, Sheldon said it had taken the intervention of Premier League chief Richard Scudamore to help them finish the remainder of the season.
“The clubs wanted Portsmouth to go to the wall and divide all the TV money among themselves,” he said.
However an early parachute payment was granted to allow the Fratton Park club to compete until the end of the season.
A successful appeal could see another points deduction before the start of the Championship season and Sheldon says the club will “probably be liquidated” if they lose the case.
A decision is expected to be announced between 1500BST and 1600BST on Thursday.
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