Widnes Vikings are expected to go into administration on Friday and will receive a 12-point deduction.
The Vikings have already postponed Sunday's Championship game against Sheffield Eagles "with discussions ongoing to ensure the club's survival".
They have received next month's central distribution money from the Rugby Football League early, allowing the club's staff and players to be paid.
A proposed takeover of Widnes fell through on Tuesday "at a late stage".
The Vikings, relegated from Super League last season after a seven-year spell in the top tier of rugby league, said the deal had collapsed after a "key member" of the group pulled out.
"The club continues to invite other expressions of interest from individuals or groups that may wish to support Widnes Vikings at this time," Widnes added in a statement.
They said the decision to postpone Sunday's game had been done "in conjunction" with the Eagles and that they would update supporters as soon as the club could confirm further details.
The Vikings have won two and lost one of their three league fixtures this season.