Derby County, a former English champion, has applied for administration, the struggling second-tier club said on Friday.
Following a failure to find new owners and the impact of COVID-19 on the Midlands club's finances, the club's board "had no choice but to make the difficult decision" to submit notice to appoint administrators, according to the statement.
"Last week, it became clear that the process which has been underway to identify a purchaser for the club likely would not be productive over the near term, despite the number of negotiations with credible parties.
"Because the COVID-19 pandemic has had a severe impact on the revenues and profits of all of its businesses, the club has been unable to service its day-to-day financial obligations. The directors had no choice but to make the tough decision to take this action and protect the club."