Gretna chief executive Graeme Muir has conceded he cannot rule out the SPL's bottom side going into administration.
Head coach Davie Irons and his assistant Derek Collins left the club on Tuesday to take over at Morton.
That came the day after it emerged that staff, including players, had not received their weekly wage.
Speaking to BBC Sport, Muir said: "There's always a danger of going into administration but we've had these kind of rumours before."
Club owner Brooks Mileson is seriously ill in a Newcastle hospital and he has been responsible for the payroll at the club.
You can never say never in football
Gretna chief executive
Director of football Mick Wadsworth will take charge of first-team affairs until further notice with a daunting match against Rangers at Ibrox up next.
The club sit nine points adrift of 11th placed Kilmarnock in the table.
"I don't want to paint that bleak picture and we sincerely hope that, with the amount of effort that's going on between the club and the Mileson family, that administration is not going to be the case," Muir added.
"You can never say never in football but let's say we're encouraged about what's happening at the moment.
"We want to get on with what we've been good at at Gretna Football Club and that's playing football and winning matches."
Muir also admitted that everything hinges on the Mileson family staying involved with the Raydale club.
"The support and financial input that Brooks has given to Gretna has been well documented for many years," he added.
"The payroll problems have been created by Brooks being ill and getting the release of funds to get it processed.
"That's the main crux of it as Brooks puts the payroll through on a weekly basis.
"If there's a criticism here then it's that there isn't a system in place to rectify that."
Meanwhile, Wadsworth has reiterated his commitment to the club's cause despite revealing he is to be interviewed for another job.
"Brooks' health has made it a testing time for everyone at the club," he told the Gretna website.
"There are many issues to be dealt with and many problems to solve but rest assured everybody is committed to improving the current situation.
"With regard to my personal situation, and with Brooks' permission, I have been interviewed by the Canadian Soccer Association to become their Technical Director.
"It is only an interview and I haven't been offered the job. Suffice to say, Brooks knows that I am committed to Gretna for the foreseeable future."