Blackpool FC's owners have failed to meet the deadline for a £10m payment to a former club director, his representatives have said.
Owen and Karl Oyston family lost a High Court battle with Latvian businessman Valeri Belokon in November.
The pair missed a £10m payment due by Wednesday under the terms of a £31m court order to buy him out, the BBC understands.
The Oystons have been approached for comment.
High Court officials told the BBC an application to vary the terms of a court order had been lodged, but were unable to provide precise details.
Mr Justice Marcus Smith at London's High Court ordered a "financial buyout" of Mr Belokon's company VB Football Assets after a civil trial.
He said an initial £10m should be paid within 28 days, which the Oystons did in December.
The judge further ordered them to pay £10m by 31 January, followed by payments on 30 March and 31 May.
In his ruling, the judge said the family had "abused their majority powers to the detriment" of both Mr Belokon and Blackpool FC.
VB Football Assets, a minor shareholder in Blackpool FC alleged the Oystons had shown unfair prejudice against shareholders which Owen, Blackpool's majority shareholder, and his son Karl, the club chairman, denied.
Mr Belokon resigned as a director of the club in August.