Aston Villa are days away from entering administration as the club fears the biggest crisis in its 144-year history.
The club invested large sums of money in transfers and player wages in their bid to return to the Premier League, but ultimately fell short by losing in the play-off final to Fulham.
Now, the club could be issued a winding-up order by HMRC, which would plunge them into administration. A £2million tax bill and over £8million of outstanding wages are due to be paid this month.
Sky Sports News has been told that the club is not officially up for sale by owner Dr Tony Xia, although they claim he is hoping for new investors to get behind the club, and could sell if the right offer came.
Dr Xia said after the play-off final defeat: “We have been heavily investing for the past two seasons. However, the loss on Saturday means that we need to change a lot of things.”
The club may be forced to sell key players (such as Manchester United-linked Jack Grealish) in the transfer window to comply with Financial Fair Play regulations, and also face the prospect of starting the new season on -12 points if they do enter administration.
The club now faces a nervous wait to see if their issues can be resolved.
More from Planet Sport:
EXCLUSIVE: Andy Murray still hoping to play at Fever-Tree Championships (Tennis365)
Back-to-back award winner Flint just happy to ‘get on with it’ (Cricket365)