Deloitte added: "The directors acknowledge that player purchases and sales are uncertain in terms of timing and quantum and some uncertainty exists over the availability and quantum of additional facilities should such be required.
"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."
However, the club's directors say they are confident they can meet the liabilities because revenue has increased by at least £40m since they were promoted to the top flight.
In a statement, they said they have "reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future".
They added that the relationship with their bankers was "strong" and that they would review the club's borrowing needs once they know whether or not relegation has been avoided.
Football finance expert Tom Cannon, a professor at Liverpool University, said: "The reality is that Premiership football clubs are living beyond their means.
"The only solution at the moment for most clubs is some kind of fairy godfather from the Middle East or Asia."
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