Rotherham have announced that they are seeking a voluntary arrangement with their creditors to keep the club alive.
Despite recent investment from local businessmen, the club still owe more than £500,000.
Millers chairman Denis Coleman told BBC Radio Sheffield: "This is to stop the club going out of existence and we're confident it will be agreed."
If the proposal is agreed at the creditors' meeting on 5 May, a 10-point deduction will be enforced next season.
Last month a group of Rotherham businessmen, headed by Coleman, stepped forward with an investment package that the club had hoped would see off the threat of liquidation.
But with the financial position at the club worsening after the Inland Revenue issued a winding-up petition, the club have moved for a voluntary arrangement to avoid going out of existence.
Coleman added: "What we've done today is not liquidation, it's not administration, it's a company voluntary arrangement."