Crawley Town's owners have begun proceedings to take the club into Administration, and are inviting offers for the club.
The club will start next season with a 10 point penalty, and the move to Administration will cancel all player contracts.
The club blame former managing director Steve Duly for the move, with a source quoted in Crawley News saying: "The club blames Steve Duly for us going into administration. If he loves the club so much why have his actions caused the club to go into administration."
In response, Mr Duly said: "I gave six years of my life to the club and I hold it very close to my heart and the most important thing to me is that is has a stable, secure future and that investors are not put off by them losing the 10 points."
Duly won an employment tribunal last week, landing the club with a £35,000 bill. He was the third employee sacked by the Majeed brothers to successfully claim, with a fourth case pending.