Preston North End are investigating ways of continuing after the football club was issued with a winding-up petition by the Inland Revenue.
The club was 20 days overdue with its April tax and national insurance liabilities and could be forced to dissolve.
The club borrowed £550,000 to pay players' wages and will have its shares suspended on Monday.
Finance director Kevin Abbott said the board was "looking at options".
'Onwards and upwards'
He said: "The board of the club face a challenging economic climate and is disappointed that HMRC have taken this action in respect of a debt which is around 20 days overdue.
"We will be looking at our options to solve the issue next week."
Supporters' spokesman Steve Cowell said he believed money would be found and the club had a future.
"We've got young fresh players and a young fresh manager in Darren Ferguson and we've absolutely no problem.
"We'll sort it out next week and it'll be onwards and upwards."