The former chairman of Exeter City Football Club and his deputy have pleaded guilty at Bristol Crown Court to charges of fraudulent trading.
The offences committed by John Russell, 51, and Michael Lewis, 65, left the club several million pounds in debt.
Russell, of Cannon Hall Close, Brighouse, West Yorkshire, also pleaded guilty to obtaining a pecuniary advantage by deception.
He and Lewis, of Loughor Road, Swansea, will be sentenced in six weeks.
During their era in charge, pop superstar Michael Jackson was made an honorary director of the club after visiting St James' Park with his friend Uri Geller, who was also appointed joint-chairman.
Judge David Ticehurst accepted the not guilty plea of Russell's wife and former club employee Gillian Russell, 51, who denied charges of theft and false accounting.
Detective Constable Mark Sandford, who led the investigation for Devon and Cornwall Constabulary, said: "The amount of money involved is not clear but we do know there were irregularities.
"The club was in a perilous financial state and we felt it was necessary to take action to prevent further incidents taking place."
The football club is now being run by a supporters' trust.
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