The club was founded in 1945 and plays in the BGB premier division
Merthyr's Tuesday fixture with Southern League Premier leaders Farnborough at Penydarren Park has been called off because of a waterlogged pitch.
The game had already been under threat because of unpaid utility bills.
BBC Sport understands Merthyr have no electrical power at the moment and a temporary generator would have been needed to stage the game.
The Martyrs gained a temporary reprieve last month after raising £10,000 towards its electricity bill.
Had the game gone ahead, a Merthyr win could have seen them climb to second in the table.
But a cancellation would have left the Martyrs open to the risk of a fine and, potentially, a points reduction.
The club faced a race in February to raise £50,000 towards paying its debts before the 21 February game with Corby Town.
When £10,000 was raised the Martyrs were granted a temporary reprieve and allowed to play their next two fixtures.
Owner Wyn Holloway - who has put more than £800,000 into the club over the last 10 years - said at the time that he had no more money to finance the Martyrs, and the supporters club made an urgent appeal to help keep the football club afloat.
"To lose such a massive club would have an absolutely devastating effect," a statement from the supporters club said.
"It would be a devastating blow not just to the club and its loyal and hard working supporters, but to the town and the wider community in Wales and beyond to lose one of the most famous sides in non-league football history.
"The players have shown a breathtaking level of loyalty and to see these people's hard work fall through would be a disaster for all concerned."
The ground has hosted football for 100 years and has been home to Merthyr since their inception in 1945.
The club has won the Welsh Cup three times, and beat Italian club Atalanta in the first leg of their tie in the European Cup Winners Cup in 1987.
The Martyrs played in the Conference, just below the Football League, for six seasons until 1995.
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