Cardiff City chairman Peter Ridsdale is holding meetings over the financial implications of the deferment of the court case with creditors Langston.
Ridsdale faces an uncertain period of financial juggling
The hearing over Langston's £24m claim was due to be held on Monday, but is now set to be put back to the new year.
Ridsdale says that this "worst possible outcome" makes the financial pressures on the club "more acute".
However, Langston's lawyers claim the delay is due to Cardiff "not presenting its evidence in a timely manner".
Cardiff City had blamed Langston for the postponement of the court date.
But a statement received by BBC Sport Wales on Friday evening from lawyers acting on behalf of Langston refuted the club's version of events.
It read: "The true position is that Cardiff City Football Club failed to serve its evidence in accordance with... the court rules.
"It is a consequence of the club's failures that have led to the summary judgment hearing being deferred to another date.
"The club could have ensured that there was no reason for the summary judgment to be deferred but, for whatever reason, was not in a position to make sure that it presented its evidence in a timely manner which complied with the rules of the court.
"It failed to do what it should have done.
"Langston remains confident that it will successfully recover the monies that are due to it."
Hope had been raised of a peace meeting with Langston next week.
The Switzerland-based firm, Cardiff's biggest creditor, wants the debt repaid now, but Bluebirds officials insist the sum is not due until 2016.
In an open letter to fans on the club's website, Ridsdale said he hoped the delay would lead to "meaningful discussions" with representatives of Langston.
"We feel that shows how robust our defence is," Ridsdale told BBC Sport Wales. "But our legal advice was that if we did not grant the deferment but the judge agreed to it we may have had to pay costs.
If there aren't enough funds released by the banks between now and the court case, we've got a problem
"The delay is the worst outcome. We were very confident of winning the case, but even if we had lost there would have been a certainty to it, now it just drags on.
"Financial pressures have become more acute and I am speaking to the banks because we need money.
"The investment money that has been agreed is being held in accounts that are deliberately not being released to the club because if things go wrong we don't want to be accused of illegally taking money from one group company to another.
"Could we go into administration? Well, if there aren't enough funds released by the banks between now and the court case, we've got a problem, and if we lose we would definitely be in administration.
"I have to sit down with the banks, look at the cash flow, and at all areas of fund raising to get us through.
"I've worked hard to build up the squad and don't want to sell players, but if that is the only option it will be considered."
With Cardiff hovering just above the Championship relegation zone, entering administration would probably condemn the club to a drop into League One.
Under Football League rules any club entering administration is automatically deducted 10 league points.
"The club's Championship status would be determined by the amount of points we collect come the end of the season, minus 10," Ridsdale added.
The chairman planned to meet with banks, shareholders and Cardiff Council on Friday.