He added: "We therefore have no choice but to file for administration.
"We are calculating the amount of money the club will need to present an acceptable offer to the creditors and trade through the close season while we restructure the club to be ready for Conference football.
"We will need everyone's help to raise the money needed, which we expect to come to around £250,000.
"Of this we have already raised almost a third. If the rest of this money cannot be raised the club will close.
"Once the legacy of problems has been resolved and the club comes out of administration, it is the new board's responsibility to ensure that the club operates viably and sensibly in the future.
"We must and will ensure that this situation is never allowed to recur."
A spokesman for Cambridge Fans United Supporters' Trust said: "We have always said that when the day came, this would be the best way forward for the club - it is not the end."
A Football League statement read: "The club can appeal against the 10-point penalty if it believes the insolvency events have occurred due to circumstances which are deemed to be unforeseeable and unavoidable.
"The club has seven days to lodge that appeal which will, thereafter, be considered by an independent panel."
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