Cardiff City fear falling into administration.
The Sun says the Welsh club are almost £70million in debt and losing as much as £1m a month.
Billionaire owner Vincent Tan attempted to generate much-needed revenue in the Asian commercial market by rebranding the club with radical changes including ditching their blue home kit for red.
Those plans were scrapped after fierce opposition from fans.
But asked what would happen without Malaysian support, Bluebirds finance chief Doug Lee said: “The club would be in administration, quickly. Our finances have been well-publicised, we are losing approximately £1m a month.”