Bournemouth are in talks with an accountancy firm in a bid to stave off the threat of administration.
An administrator has not yet been formally appointed at Dean Court
BDO Stoy Hayward are now working with the board in an advisory capacity, after the directors lodged a notice of intention to appoint an administrator.
But chairman Jeff Mostyn stressed in a club statement that "the club is not in administration and it is not a foregone conclusion that it will be".
Bournemouth are bottom of League One with only five league wins this season.
Mostyn added that "this action was taken to prevent our current negotiations being frustrated by aggressive and unhelpful creditors.
"We were professionally advised to serve a Notice of Intention to appoint an administrator, which we have done."
The Dean Court club has debts of around £4m, despite selling their stadium to London-based property company Structadene in December 2005.
Mostyn and co-owner Steve Sly, who bought the club in March 2007 after nearly a decade under the ownership of a supporters' trust fund, have recently been in talks with new investors.
However, last month, Mostyn refused to rule out administration "if it was in the club's best interests".
Clubs entering administration are automatically deducted 10 points by the Football League - a move which would leave the Cherries in even deeper relegation trouble.
However, in June last year, the League closed a loophole that had allowed clubs on the brink of relegation to take the 10-point deduction when they were already almost certain to go down.
The new rules state that clubs going into administration after the fourth Thursday in March would have the 10-point deduction suspended - and imposed immediately after the end of the season if the club stays up, but deducted at the start of the following season if the club is relegated.