Southend have admitted they are considering Administration after avoiding a court day with the taxman.
A late change of mind by the taxman gave the club breathing space after they called in their large six figure debt that caused a transfer embargo to be placed on the club, but the club now admit that they are running out of options to keep the club trading profitably.
In a statement on their website chairman Ron Martin said that the taxman is now pushing for the club to go into Administration, while he lists more that £15million that the current board have ploughed into the club including nearly £2million into their long-awaited new stadium.
The taxman is pushing for the club to enter Administration next Wednesday. If they do they would incur a ten point penalty, which would drop them from 13th to the bottom of the League One table.