Professional Footballers' Association chief executive Gordon Taylor has told ESPNsoccernet he is now fearing the worst for Plymouth Argyle.
Plymouth, relegated to League Two last season, are currently in administration and some of the club's players have not received their wages since December last year.
The PFA has helped to subsidise the wages, but a number of players recently threatened to go on strike and manager Peter Reid said he "wouldn't hold anything against" them if they did so.
With talk of a potential takeover dragging on, Taylor has warned that club could go out of business if there are no developments in the coming weeks.
He told ESPNsoccernet: "The players have been without full pay for some time now, and we are helping out, but we cannot do that indefinitely.
"It is not a good situation, I have to say. The players have been paid 40% of their August monies but if this situation persists until the end of September then it looks bleak. There have been suggestions of a takeover but that has not materialised and you have to worry why that is.
"This is a club that helped shape the careers of Malcolm Allison and Tony Book as well as Paul Mariner and other players, so it would be very sad if Plymouth went under. We are doing our best to make sure that doesn't happen but I do now fear for the club."
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