Inverness Caledonian Thistle are set to enter administration.
Failure to secure investment means it is highly likely this is the route the club must take if they are to survive.
The P&J says that the League One club stand to lose £1.2m this season. They add that a significant cash injection is required before the end of 2024.
Alan Savage, Caley Thistle's former chairman, has been trying to find a buyer for the club in recent months.
However, after failing to do so, administration is the inevitable option for the club.
Savage used £200,000 of his own money to keep the club operating in August.
The report states that top football administrator Bryan Jackson has put Inverness on to BDO, who are the accountancy firm that oversaw the liquidation of Rangers and were administrators for Hearts and Dunfermline Athletic.
It seems BDO will take the club into administration as the next course of action.
This will immediately spell trouble both on and off the park, with redundancies and a points deduction looming.
The SPFL could hand out a deduction of 15 points, which would be a hammer blow to Caley Thistle's hopes of promotion back to the Championship.
Duncan Ferguson's team are already five points off Queen of the South at the top of League One. If the maximum punishment is dished out, then they could see themselves bottom of the table on minus six points.
Meanwhile, the club have announced the signing of Charlie Reilly on loan from Dundee.
The 22-year-old has joined on a short-term loan until January next year.
During the 2022/23 season, Reilly scored a whopping 24 goals and provided 19 for Albion Rovers as he was nominated for Scotland League Two Player of the Year.
He also earned a PFA Young Player of the Year nomination, which earned him a move to the Scottish Premiership.
Reilly spent a portion of last season on loan with Arbroath.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here