Swindon Town have been put up for sale in order to avoid administration, with debts thought to be around £13m, reports BBC Sport.
The club's owner, Andrew Black, is unwilling to put in further funds, and is actively seeking fresh investment.
Around £9m could be wiped from the deficit owed to investors if they enter administration, but they may then face a points deduction.
"Andrew has made it clear he's looking for new investors," chairman Sir William Patey told BBC Wiltshire.
"That's why there's been a great deal of activity in the last few weeks.
"We've had some positive talks and we're encouraged by the discussions."
When asked if he could guarantee the club could avoid administration for a third time in their history, Patey responded: "Not a single chairman in the country could do that."
He went on to say that Town are likely to appoint "professional advisors" to restructure their finances.
A reduction in the monthly playing budget at Swindon - which is believed to be in excess of £250,000 - is likely to be a priority, meaning League One's fifth-placed club could be forced to sell players.