Hearts have confirmed they have been issued with a winding-up order from HMRC over an unpaid tax bill of £450,000.
The SPL recently extended the club’s transfer embargo until December 23, but the SPL side have warned supporters that, unless “emergency backing” is received, the November 17 fixture against St Mirren could be the club’s last.
"This isn't a bluff, this isn't scaremongering, this is reality," a statement read.
"Without the support of fans there is a real risk that Hearts could possibly play its last game on 17 November."
Hearts are also currently facing a £1.75 million tax bill, but hope to come to an agreement with the HMRC over a repayment plan for the latest financial setback.
The statement continued: “Heart of Midlothian plc today wishes to make supporters and potential share offer investors aware of this most recent financial matter for their consideration in conjunction with the Share Offer 2012 brochure.
“The club has been served with an Order to wind up Heart of Midlothian plc by the Court of Session on behalf of the Commissioners For Her Majesty's Revenue and Customs (the "Petition").
“The club is, however, endeavouring to agree a suitable payment plan with HMRC for the outstanding amount of £449,692.04. It should be made clear that this has only recently been presented to Heart of Midlothian.
“The Petition is unrelated to the Club's potential liabilities included in the Risk Factors section of the Share Offer 2012 brochure.
“The Board is hopeful that a suitable agreement can be reached with HMRC to provide a suitable repayment plan.”
A spokesperson for the club said: "We have guaranteed future revenues from forthcoming games and related broadcast income as well as additional guaranteed transfer income which will more than cover the outstanding amount stated in this Petition.
“We would therefore be hopeful that HMRC will accept that winding up the club would be totally unnecessary."
The statement released by the board concluded: “The club is revealing the Petition as it wants to continue being transparent in all its dealings with supporters and potential investors.”