Wakefield Trinity Wildcats chairman Michael Carter has admitted the club may be forced to sell more players in a bid to balance the books.
The Wildcats are facing a £400,000 shortfall and scrum-half Tim Smith was sold to Salford on Friday.
"Tim Smith went because I needed to pay wages, it was a simple as that," Carter told BBC Radio Leeds.
"If I don't get further investment in then more players will have to be sold."
He continued: "There's no point in me beating around the bush because the club needs to get investors in. We don't have £50,000 just sitting there.
"I can't do anything about what has happened in the past. We've built a plan for the future and if we can get to the starting point of that plan, then I believe we can have a competitive Super League side."
Wakefield, who are currently in 12th in the Super League table, spent time in administration in February 2011.
However, the chairman is confident the club can avoid the same fate this time.
"At the moment we're not close to going into administration," he said.
"We did a review of our finances and I came to the conclusion last week that we needed investment. The club has spent more than it has earned.
"The club will carry on, but we must raise £400,000 on top of cutting costs and we don't have rich benefactor backing the club."
Richard Agar's side end their Super League campaign with a home match against local rivals Castleford on Sunday.