Troubled Margate Football Club has called in administrators to protect the company from its creditors.
The Hartsdown Park site has stood empty for three years
The club said on Friday administrators had been appointed after it was unable to agree formal repayment plans.
Negotiations for a voluntary agreement with creditors will take place over the next two months, it said.
The club, which has been relegated for a second year running, plans to return to its Hartsdown Park ground next season, probably in the Ryman League.
It said on Friday going into administration would protect the investment made by its partners, London and Margate Development, in redevelopment plans for the ground.
"The club would like to stress that, whilst it would have liked to avoid taking this course of action, it in no way affects our return to Hartsdown Park for the forthcoming season and we look forward to facing the challenges which lie ahead," it said.
Margate's fans are looking forward to returning to Hartsdown
On the pitch, Margate finished in the bottom three of the Conference South and were relegated last Saturday.
Financial difficulties meant players went unpaid for some of the 2004/2005 season and a transfer embargo was imposed.
Off the pitch, the club, which has not played at Hartsdown Park since 2002, has been told by Thanet Council there are no planning problems with a new stadium.
But it has had persistent difficulties with planning permission for commercial facilities it also wants to build.
In February, Thanet Council said the club would not get consent for the whole development without a comprehensive business plan.
A new pitch and temporary stands and buildings will keep the club going in the meantime.