Relegated Championship club Whitehaven are to enter administration on Friday morning.
At their annual AGM of shareholders, it was confirmed that the club owed HM Revenue & Customs around £60,000, and that HMRC would issue a winding up order if the club didn’t settle its debts.
Club sources say that it will enter in to a Company Voluntary Agreement (CVA) on Friday and an administrator will be appointed shortly.
However, it was also revealed that current chairman Dick Raaz wants to form a consortium with two other existing directors in a bid to regain control over the club at the earliest opportunity, believed to be within the next 10 days, although Raaz did invite other bids to come forward.
Angry shareholders left the meeting stating they were unhappy at the timescales given as they felt it was impossible to put a rival bid together within such a short time period.
It is believed a fan group are interested in tabling a supporters trust driven bid and a steering group are keen to hold a public meeting shortly.
More information is expected to be revealed early next week over the future of the club, who last week sacked head coach Ged Stokes after a poor season that saw them finish in the Championship relegation zone.