Wigan Athletic have gone into administration, becoming the first English professional club to do so since the coronavirus pandemic began.
The Latics have been struggling to manage their finances and say there was no alternative if they were to safeguard the club.
The move may see the Championship side deducted points.
Paul Stanley, Gerald Krasner and Dean Watson of Begbies Traynor have been appointed as joint administrators.
The standard points deduction for an English Football League club entering administration is 12 points and, should that penalty be applied this season, it would drop them to the foot of the table, four points from safety with six matches left to play.
Stanley said: “We understand that everybody connected with the club and the wider football world is seeking clarity on the future of Wigan Athletic.
“That’s exactly what we are seeking to provide as we move through this process and we seek out interested parties to rescue this famous old club here in the region.
“It is a fast-moving situation and we will provide updates on key developments.”
Krasner, a former chairman of Leeds United, added: “Our immediate objectives are to ensure the club completes all its fixtures this season and to urgently find interested parties to save Wigan Athletic FC and the jobs of the people who work for the club.
“Obviously the suspension of the Championship season due to Covid-19 has had a significant impact on the recent fortunes of the club.
“Wigan Athletic has been a focal point and source of pride for the town since 1932 and anyone who is interested in buying this historic sporting institution should contact the joint administrators directly.”
Until 2018, Wigan was owned by Dave Whelan, who steered the club from the fourth tier of English football to the Premier League in 2005, while they also won the FA Cup in 2013.
Whelan sold the club to Hong Kong-based International Entertainment Corporation in November 2018 and there was a further change of ownership in June when Next Leader Fund took control.
Wigan have won all three of their league games since the resumption of the Championship season on 20 June.
Paul Cook’s side beat Stoke 3-0 at the DW Stadium on Tuesday and are 14th in the table, eight points above the relegation zone before any potential deduction is applied.