Cardiff City football club faces a wait for the outcome of a High Court hearing which could decide the club's future.
Swiss-based financiers Langston Corporation have brought legal action against the Championship club, demanding repayment of £31m in loans.
The club's barrister named, for the first time, its former chairman Sam Hammam as the man behind Langston.
The judge reserved his ruling as the High Court hearing ended on Thursday. A decision is expected next week.
The judge is to decide whether Cardiff City has a strong enough defence to go to trial or rule in Langston's favour without the need for a full trial.
Langston want the court to make a summary judgement that would see Cardiff City facing a bill to repay £24m of the £31m immediately.
However, the club's lawyers have argued that the dispute should go forward to a full trial.
It claims the loan is not repayable until 2016 and it could face an uncertain future if it lost the case.
'Administration realistic'
Following the two-day hearing, Mr Justice Briggs said he would take time to consider his ruling.
At the start of the hearing, Langston's counsel, Michael Driscoll QC had said: "It is common ground that the claimant loaned £24m to the club in 2004 and is yet to be repaid.
"The club says that nothing is to be repaid at this time, and the question is whether there is enough in what the club says to justify this case going to trial.
"The claimant says that there is nothing in what the club has said."
The club said that a variation to the loan agreement in 2006 means the loan is not repayable until 2016.
However, Langston claimed in court that so many changes had been made to the contract that this agreement no longer stood.
Next month, Cardiff City face Barnsley in the FA Cup semi-final at Wembley Stadium.
Chairman Peter Ridsdale, who succeeded Mr Hammam, has said administration would be a realistic scenario if the club lost the case.
This could lead to an automatic points deduction and affect plans for a new stadium on the outskirts of Cardiff.
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