Wigan Athletic have confirmed that they have been placed into administration, leaving the owners frantically searching for buyers to 'save' the club.
The Championship side are in the midst of a gripping relegation battle, but they have been the form team in the second division since the turn of the year, and with six games to play, the Latics find themselves eight points above the drop zone.
Wigan looked to have all-but secured their survival on Tuesday evening, having cruised to a 3-0 victory over fellow strugglers Stoke City to reach 50 points, but the club has since announced that they have been put into administration, as reported by Sky Sports.
Paul Stanley, Gerald Krasner and Dean Watson from Begbies Taylor have been put in charge as the club's joint administrators.
This disastrous situation could leave the Latics facing a 12-point penalty, which would see them fall to the bottom of the table, and with only a handful of fixtures remaining, it may prove to be a deadly blow to their survival hopes.
However, it is believed that the club's owners are desperately seeking buyers to 'save' the club, or the consequences could be much more serious than relegation to England's third tier.
The Tics have become the first British league side to be placed into administration since football's return following the coronavirus outbreak, and administrator Krasner confirmed that these financial implications have had a major impact on the club.
"Our immediate objectives are to ensure the club completes all its fixtures this season and to urgently find interested parties to save Wigan Athletic FC and the jobs of the people who work for the club," he said.
"Obviously the suspension of the Championship season due to Covid-19 has had a significant impact on the recent fortunes of the club.
"Wigan Athletic has been a focal point and source of pride for the town since 1932 and anyone who is interested in buying this historic sporting institution should contact the joint administrators directly."
The lack of matchday revenue is a serious concern for clubs which receive a fraction of the income generated by Premier League sides from television and sponsorship deals, leaving plenty of owners fearing for the future of their teams.
These are worrying times for our sport.