Coventry City's board has announced its intention to take the cash-strapped club into administration.
Coventry moved into their new stadium in August 2005
But the Sky Blues, who have debts of £37m, remain hopeful that a takeover by entrepreneur Ray Ranson and Sisu Capital will be completed before then.
"This legal notice gives Coventry a 10-day window to complete the takeover talks," said the board's statement.
If the talks fail and Coventry do go into administration, they will be deducted 10 points.
But chairman Joe Elliot moved to calm fans' concerns about Monday's annnouncement.
"We've done this because the clock has been ticking for a long time," he told BBC Radio 5 Live.
"We're in very serious negotiations with Ray Ranson and Sisu Capital and we're convinced we can bring it together quickly.
"There is now a 10-day deadline on it because we've filed notice of intent but that doesn't mean we're in administration, it means if things don't go right, we will be.
We can throw our toys out of the pram or work as hard as we can, and I'll choose the latter
"We've got to push forward as quickly as possible to get ourselves a deal and take Coventry back into the Premier League."
Coventry lie 14th in the Championship and their perilous financial state led to a transfer embargo being imposed.
Monday's statement said: "This is merely a legal process protecting the bank and its creditors.
"It should speed up the takeover of the club and therefore take Coventry into a solvent financial situation.
"Following recent speculation, the club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future."
Manager Iain Dowie has warned that he would consider his position if the club went into administration but he remains positive.
"The sword of Damocles has been hanging for a little while now," he told 5 Live.
"When I came to the club, I thought it would be a very positive situation where we'd have quite a sizeable amount of money to spend. It hasn't quite turned out like that.
"We'd like to be able to take this club forward and we're a little bit frustrated that some of our targets are now playing very well elsewhere.
"But we can throw our toys out of the pram or work as hard as we can, and I'll choose the latter."
Elliot said Coventry's financial situation was exacerbated by their relegation from the Premier League.
"We came down from the Premier League with £60m of debt," he explained.
"We reduced it but it's still very difficult to cope when you're running with a debt of £36m or £37m - especially as we don't own the stadium.
"But hopefully this is the start of 10 jolly good days. I'm really hopeful - I've just spoken to Ray Ranson and he's very hopeful - we just need to get things moving along.
"The stakes are high and we're working as many hours as it takes to get this deal done."
Coventry's Ricoh Arena stadium was jointly funded by the council and the Alan Higgs Trust - a charity run by businessman Derek Higgs - and is run by Arena Coventry Limited (ACL).
The club have not filled the stadium's capacity of 32,600 since moving there in August 2005.
IT company Ricoh earned naming rights to the stadium with a sponsorship deal worth a reported £10m.