Sheffield Wednesday have filed a notice to be placed into administration after it was revealed His Majesty’s Revenue & Customs were set to issue a winding-up petition against the club.
A notice was filed with the insolvency and companies court at the High Court on Friday morning and the Championship club will now face a 12-point deduction.
Staff have been briefed, while administrators also held a meeting with players. The Owls host Oxford United at Hillsborough on Saturday (15:00 BST).
BBC Sport has contacted Sheffield Wednesday and the EFL for comment.
The news comes following increased supporter protests at Hillsborough, with fans boycotting the game against Middlesbrough on Wednesday.
Going into administration would effectively end Dejphon Chansiri’s decade-long ownership of the club.
The Owls are bottom of the Championship and a points deduction will leave them 15 points adrift of safety.