Struggling Bournemouth have gone into administration and have been docked 10 points by the Football League.
Bournemouth are believed to be around £4m in debt
Bournemouth's debts are about £4m and the points deduction has sent them to the foot of the League One table.
Administrator Gerald Krasner said: "If it wasn't for the recent funding from chairman Jeff Mostyn the club wouldn't have made it past last Sunday."
Mostyn added: "Administration is not the end of the club. It's the start of a bright new future."
Mostyn, who took over as chairman last year, was believed to have invested a six-figure sum in the last week that prevented the club, according to Krasner, from going into liquidation.
"I'm more concerned with the future than the past," said the Cherries chief at the official announcement.
"But because of the past we're here today. It's not a surprise we've gone into administration because the club has been in steady decline over the last 10 years.
"It was difficult to see how Bournemouth was going to avoid the inevitable. Without any off-the-pitch income there was no way anybody could have helped this club survive.
"I've tried to stabilise Bournemouth but even I ran out of resources."
The south coast outfit were handed a winding-up petition by HM Revenue & Customs earlier this week but they disputed the situation.
And now business recovery specialists Begbies Traynor, headed by Krasner, have been appointed as the club's administrators.
The 10-point penalty has left Bournemouth with 19 points, 11 points from safety.
They are the second League One club to go into administration this season following Luton, who they face on Saturday, but the third to have points taken away as Leeds had 15 deducted at the start of the season.