Npower League One side Sheffield Wednesday have been issued with a winding up order from Her Majesty's Revenue and Customs (HMRC).
The Owls, relegated from the Championship last season, said in a club statement on their official site: "Sheffield Wednesday would like to inform supporters that their club is not about to be wound up, nor is it about to enter into administration.
"We have been involved in dialogue with HMRC for a number of weeks. As such we have been somewhat surprised and disappointed by their decision to seek a winding up order at this time."
"We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial position of the club."
The action by HMRC relates to an outstanding PAYE balance of £550,000 with Wednesday's petition to be heard in the High Court on August 11.