Historic football side Sheffield Wednesday have filed for administration and have been hit with a 12-point deduction.
The club have been charged on multiple occasions already after failing to pay staff wages on time.
The notice was filed at 10.01am on Friday at a specialist companies court, after reports of an "imminent" winding-up petition over unpaid tax debt.
The former Premier League side now a face heavy 12-point deduction, as confirmed by the EFL.
"Whilst this development results in the automatic deduction of 12 points in accordance with Regulations agreed by all Clubs, it also presents Sheffield Wednesday with the opportunity to move matters towards a successful sale and secure future under new ownership," an official statement read.
TRENDING
Stories
Videos
Your Say
The club currently sits at the bottom of the Championship, the second tier of English football, after winning just one of their opening 11 fixtures.
A small glimmer of hope for Wednesday fans may come through the ownership. Today's announcement may force through the sale that frustrated supporters have been demanding.
Historic football side Sheffield Wednesday have filed for administration
| GETTYProtests have been held against current owner Dejphon Chansiri, with fans boycotting cup matches against Leeds and Grimsby against the current owner.
Attendance figures were not even announced during their Championship fixture against Wednesday on Wednesday.
Dozens of fans broke onto the pitch during last month's Championship fixture against Coventry
|PA
Last month, in the 10th minute of their Championship fixture against Coventry, dozens of Owls supporters broke through security and onto the pitch, forcing the game to be halted.
They're currently under five different EFL embargoes after failing to pay their players on time in five of the past seven months.
Dejphon Chansiri bought the club in 2015
|PA
Wednesday were first charged by the EFL in June, after late payments to staff March and May. Following this, they were slapped with an three-window transfer embargo, restricting them from buying players.
Star player Josh Windass and boss Danny Röhl, who joined Rangers this week, left the club as a result.
In July, the players refused to play a pre-season friendly against Burnley when their wages weren't paid on time for the month.
Most recently, wages due on September 29 did not reach all senior players by the month-end deadline of midnight on September 30. The payments did not go through until October 14.
LATEST SPORTS NEWS
The financial troubles caused the EFL to release a statement condemning the treatment of the historic side, demanding Chansiri make funds available or sell the club.
"We are clear that the current owner needs either to fund the club to meet its obligations or make good on his commitment to sell to a well-funded party, for fair market value - ending the current uncertainty and impasse," the statement read.
Sheffield Wednesday currently sit bottom of the Championship
|PA
It has been said that American businessman John Textor, who previously held a stake in Crystal Palace, has expressed an interest in the club, though talks haven't progressed.
Some believe Chansiri may be demanding an unrealistic price for a club he bought for about £40million in 2015.
Sheffield South East MP Clive Betts recently told him to sell "to prevent the complete collapse of the club", saying fans "deserve better".
Known as The Owls, they are one of the oldest surviving clubs in world football, with more than 150 years of history.
They play their home matches at Hillsborough Stadium in Sheffield.