Inverness Caledonian Thistle face a “nearly impossible task” to avoid successive relegations if the club goes into administration, admits head coach Duncan Ferguson.
On Monday, the board of directors revealed that administration was the most likely course of action, although it could be averted if fundraising efforts reach £200,000 by the end of next week.
That fund currently stands at £75,000.
Caley Thistle are second bottom of Scottish League 1 with nine points from nine matches, having dropped from the Championship over the summer.
Administration would bring a 15-point penalty from the Scottish Professional Football League, along with a threat to jobs.
“Everyone at the club is finding it difficult at the moment,” Ferguson said. “I hope everybody is still here next week, but we know there’s a big cloud hanging over us.
“The CEO, Charlie Christie, spoke to the lads on Friday and filled them in on the severity of the situation. I think that was a bit of a shock to some of them.”
Ferguson took a pay cut in August following demotion to the third tier and is currently working without any salary.
“It’s not been easy for myself, but you’ve just got to get on with it and try to deliver,” the former Rangers and Everton striker added.
“If we get a 15-point deduction, we are not going to be able to stay in the division unless we probably win every game and every other teams loses every game.
“It would be a nearly impossible task. One we would try to overcome and win games, but if administrator comes in and cuts the squad, which I think he would do, it would really be a tough ask.
“The 15-point deduction would more than certainly relegate us.”