Spanish club Real Zaragoza have applied for voluntary administration despite retaining their Primera Division status for the 2011-12 campaign.
Zaragoza have a net debt of €110 million and tried to get backing from creditors, but seem to have failed in their endeavour.
"[The club] is faced with the reality of a cash flow imbalance," Zaragoza said in a statement on their official website on Wednesday. "The principal origin [of the problem] lies in the losses the entity suffered when they were relegated three seasons ago, and in the economic effort made to achieve an immediate return to the Primera division one year later.
"Real Zaragoza are confident that this measure will mark a before and after in the project...and will allow them to achieve an economic viability that will translate into sporting success in the short term."
Zaragoza, who have won the Copa del Rey six times and also won the European Cup Winners’ Cup in 1995, are one of a number of Spanish clubs struggling financially.
Hercules, who suffered relegation from La Liga at the end of the 2010-11 season, too have applied to go into administration, while newly promoted Andalucian giants Real Betis are under administrative control.