Kevin Heaney said none of his other businesses were affected
A property company in Cornwall is preparing to be put into liquidation.
Liquidators have been asked to draw up paperwork for Cornish Homes (UK) Ltd and creditors are expected to be notified this week, the BBC has learnt.
Company Director Kevin Heaney said the the current financial climate and property market in Cornwall meant the company was not earning money.
Mr Heaney, also owner and chairman of Truro City Football Club, said none of his other interests were affected.
Jason Callender from Barnet-based insolvency accountants the Kelmanson Partnership said letters to creditors were expected to be sent out this week ahead of a meeting in October where Cornish Homes (UK) Ltd would be put into liquidation.
The meeting, due to be held on 10 October, will be given a statement outlining the company's assets, liabilities and reasons for going into liquidation.
Mr Heaney, a well-known Truro businessman who owns many companies, said Cornish Homes (UK) Ltd earned its commission by selling and building properties in Cornwall and elsewhere.
He said the company held no assets, that it was just one company in the Cornish Homes group, and that the group's other companies and his other business interests were not affected.
Mr Heaney said there would be "some casualties", including himself, and that he expected to lose "a few million".
Cornish Homes (UK) Ltd is the official sponsor of South West Peninsula Football League website and the Fair Play Scheme, which monitors behaviour on the pitch.
League secretary Philip Hiscox said Cornish Homes (UK) Ltd had been committed to three years of sponsorship and that the league would have to look for new sponsors.