Deportivo La Coruna have revealed that their financial troubles could see them enter administration by the end of 2012.
A side which lifted the Primera Liga title in 2000 is reported to owe the taxman around €34million (£27.7m), and have total debts of €100million (£81.4m).
The Spanish government are looking to crack down on outstanding tax bills and have hit Depor with an embargo on their income.
Club president Augusto Cesar Lendoiro claims efforts to try and resolve the situation are under way, but concedes that administration is a distinct possibility.
"Either we reach an agreement with the tax authority before the end of the year or we go into administration. We cannot wait any more," he said.
President of the players' union (AFE) Luis Rubiales claims it is possible that Depor, who sit bottom of the Spanish top-flight, could avoid such drastic action.
He said: "Depor have two negotiations running.
"One is to reach an agreement with the tax authority to lift the embargo and reach a medium to long-term solution. The other is to enter administration."
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