The biggest issue will be the club's attempts at refinancing. A proposed rights issue is said to have been shelved with shares hovering at 3p and renegotiations with bondholders having stalled.
Philip Long of PKF, who is working on the administration of Oldham Athletic, says: "The first option has to be some sort of insolvency option, they just cannot keep trading at a loss."
The one bright spot will be the appointment of new chief executive Trevor Birch.
His arrival has been welcomed by the City, though he faces a massive challenge to slow down the club's massive debts.