Widnes say they are unable to pay their players' wages following the collapse of a proposed takeover.
The Vikings, who were relegated from Super League at the end of last season, had pinned their survival hopes on securing fresh investment but admit they are now facing the threat of administration.
A statement from the club said: "Widnes Vikings have been facing a significant cash-flow gap, which must be resolved in the coming days.
"Throughout the past three months, Widnes ... have made extensive efforts to engage business leaders and individuals to secure investment to stabilise the club and overcome the potential threat of administration.
"This has included the board writing off more than £370,000 worth of loans that they had provided to the club throughout their tenure.
"It had appeared likely that a consortium of investors would take ownership of the club today, providing the necessary investment to secure the club's future stability. However, at a late stage, a key member of this consortium have withdrawn from this process.
"As a result, the club has, as yet, failed to secure the necessary investment and is unable to make its payroll commitments for all employees tomorrow.
"Efforts to secure investment remain ongoing and we will continue to pursue all available avenues."
The club say Sunday's round four Championship fixture against Sheffield Eagles at the Halton Stadium will go ahead.
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