Sheffield Wednesday could be forced into administration within the next 24 hours.
The League One club face financial melt down, unless they can pay a tax bill thought to be £1.1m.
Sources close to the club confirmed to BBC Radio Sheffield that last-minute talks are continuing with their bank.
There are fears however, that this will only be a short term solution, as they struggled to find money to pay off the debt.
Owls' bosses are due before the High Court on Wednesday, with the amount owing to HM Revenue & Customs having risen from £550,000 to £1.1m.
The league leaders will face a 10 point deduction if they do enter administration, and the financial issues at the club may impact their hopes to host World Cup matches, should the 2018 bid be successful.
Sheffield Wednesday are yet another ex-Premier League club to face financial difficulties, following the footsteps of both Portsmouth and Southampton.
