Sheffield Wednesday Football Club may enter administration as their High Court appearance looms on Wednesday.
The Npower League One side will face a winding up petition over an unpaid £600,000 PAYE tax bill. But reports suggest their main creditor, the Co-operative Bank, may put the club into administration to protect the £23m owed to it.
Wednesday have been linked with numerous takeovers parties including Leicester chairman Milan Mandaric, who denied he was in talks with the club as well as Certified Oil Rentals, with the deal suffering a major setback when the key financer Kevin Mundie withdrew his interest.
The club now faces a race against time to complete a deal and pay off its debts or will ultimately enter administration and face a 10 point penalty from the Football League.