Dundee have been placed in administration, financial consultants Ernst & Young have confirmed.
The Scottish club are carrying a reported debt of over £13 million, with some estimates closer to £20 million.
Dundee must now endure a period of severe cost-cutting following the example of Motherwell, who were placed in administration in April 2002.
The futures of a number of high-earning players such as Fabrizio Ravanelli and Craig Burley, who only joined the club in September, are now in doubt.
Beto Carranza, Juan Sara and Fabian Caballero must also wait and see what the immediate future holds.
Dundee may also see Scotland internationals Lee Wilkie and Gavin Rae leave in the wake of administration while top scorer, Nacho Novo, has already been linked with a move away from Dens Park.
PA