Schwarzer fears the worst for a club that, like many others, depend heavily on the income Premier League football provides.
"I don't know the finances," he told the London Evening Standard. "But every club in the Premier League need the Premier League with the way wages are and the clubs are run at the moment.
"There is always a big issue when clubs go down about cutting costs, whether players stay or don't stay, sometimes you have to practically rebuild the team.
"It is a very tough League to come back into. There are a lot of good teams in the Championship trying to get back in the Premier League. It's where everyone wants to be and it is not a given for anyone. It doesn't matter who they are, what names they are, it is a real dogfight."
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