Halifax Town are going to the wall.
The club may not be liquidated so long as the consortium which wished to buy it, continues with funding.
But how long will that be, given the dire financial situation and the reluctance of creditors to accept a 2.5p in the pound offer for debts totalling more than £2 million?
Not long is the inevitable answer.
Halifax may not have been the most successful nor fashionable of football clubs.
They have struggled to attract large crowds and spent life in the lower echelons of the Football League and more recently the Conference.
According to those who attended a creditors meeting at the Leeds offices of the club's administrators, there is no chance Halifax will compete in the Blue Square Premier League next season. Little hope of the division below.
For now there are more questions than answers.
All that we can say is that this is a hammer blow for Halifax and one of the saddest days in the town's recent history.
The club has listed on many occasions. This time it is sinking.
No winners. Only losers.