Town have called a press conference for 3.30pm today where it is expected that they will announce that they are set to restructure debts.
It is reported that the club are not about to go into full administration, but that they have applied to the High Court for a temporary administration agreement.
Financial firm Deloitte and Touche are understood to be acting in a supervisory role during the period of debt restructuring, although the Blues' board will remain in overall control.
For the last couple of weeks rumours surrounding administration and a role for Deloitte and Touche have been circulating around town.