Championship club Derby County have applied to enter administration.
The Rams, who are coached by former England captain Wayne Rooney, announced the decision on Friday night.
The club say they “had no choice but to make the tough decision” to file notice to appoint administrators.
Derby added the move was due to “a number of developments”, including a failure to identify new owners and the continuing impact of Covid-19 on revenue streams.
The club, who are 16th in the Championship, are set to face a mandatory points deduction as a result of the move. The club are already facing separate points penalties for prior breaches of Financial Fair Play rules.
A Derby statement read: “Last week, it became clear that the process which has been underway to identify a purchaser for the club likely would not be productive over the near term, despite the number of negotiations with credible parties.
“Because the COVID-19 pandemic has had a severe impact on the revenues and profits of all of its businesses, the club has been unable to service its day-to-day financial obligations. The directors had no choice but to make the tough decision to take this action and protect the Club.
“The irony is that the club’s financial forecasts show the emergence of a financially sustainable picture. Absent the COVID-19 pandemic, we undoubtedly would have been able to trade through.
“However, the impact of COVID-19 pandemic and the unpredictability it has created represents too much of a strain.
“As the COVID-19 pandemic and lock down tightened their grip, the club’s revenues and cash flow took a circa £20 million hit.”