Pompey, who were recently taken over by Saudi business tycoon Ali Al Faraj, has failed to pay their players for the second time this season.
Redknapp said: “It’s worrying. They had an investor putting in up to £15million into the club and it’s all disappeared again. Their wage bill is not high so it’s a problem.
“They’ve brought £80-90million in transfer fees in the last year which is incredible but they cannot seem to balance it out.
“They are only getting gates of 18,000 and it’s very difficult to maintain Premier League football on those crowds as well.
“That is a problem for them. Hopefully they will sort it out as it’s a great club with terrific support.”
The Spurs boss is hoping that his former club can avoid relegation this season.
He added: “Hopefully Avram Grant will keep them up and pull off a great escape but the owners seem to come and go.
“We keep hearing about mega-rich people and then they put a few quid in, or nothing in, then they disappear again.
“It’s scary that they cannot find someone who cares and has the money to back the club up.
“Most clubs have found owners that can keep the club going and the foreign owners have been good for the game.
“But in this case every time they bring an owner in they either don’t want to put money or don’t have any.
“There is one chap who’s put in good money, he’s in the background. As for the rest of them, I don’t know what they are doing.”
