Derby County have entered administration and been deducted 12 points by the English Football League.
The Championship club announced their intention to call in administrators on Friday, with owner Mel Morris saying the Coronavirus pandemic had cost them about £20m in lost revenue.
Morris has spent the past two days talking to players and staff, whose jobs are now uncertain.
Andrew Hosking, Carl Jackson and Andrew Andronikou, managing directors at business advisory firm Quantuma, have been appointed joint administrators.
“We are in the early stages of assessing the options available to the club and would invite any interested parties to come forward,” said Hosking.
“Our immediate objectives are to ensure the club completes all its fixtures in the Championship this season and finding interested parties to safeguard the club and its employees.”
Morris became Derby’s sole owner in 2015 but has actively been looking to sell since June 2019 following their Championship play-off final defeat by Aston Villa under Frank Lampard. Morris says the club has lost him “in excess of £200m” to date.
A first takeover deal is said to have collapsed in the aftermath of an EFL charge in January 2020 relating to the sale of Derby’s Pride Park to Morris for £80m, despite it previously being listed as worth £41m.