Dundee are to go into administration for the second time in seven years after failing to negotiate a deal over an outstanding tax bill of £365,000.
PKF has confirmed that the accountancy company has been appointed as administrator for the First Division football club.
The formal process is likely to take place on Wednesday or Thursday.
Redundancies are certain to follow and the club could receive a punitive points deduction.
"The directors of Dundee FC have today decided that their only option is to place the club into administration," said the club in a statement.
Until the administration is effective, all staff will remain in post and the club will continue to operate normally
Dundee Football Club statement
"The administration appointment is expected to take effect from the middle of next week and the directors have approached Bryan Jackson, of accountants PKF, to consider being appointed administrator.
"The directors have taken this decision with considerable regret but believe that they have no other choice in the current circumstances.
"Until the administration is effective, all staff will remain in post and the club will continue to operate normally."
Players and staff received half wages on Wednesday after a delay in payment and it has now emerged that debts could be as high as £1.5m, although much of that appears to be to current directors.
And assistant manager Billy Dodds told BBC Scotland: "As a management team, players and other staff, we are all in the dark.
"It has been tiring and there has to be some conclusion. If it helps save the club, so be it, but it does not deflect from how hard it is going to be for everybody at the club."
The Dens Park club had hoped to make a one-off payment to Her Majesty's Revenue and Customs and arrange a settlement plan for the remaining debt.
Investor Calum Melville had pledged to fund such a move and his spokesman told BBC Scotland on Wednesday that the businessman had lodged £200,000 with the club's solicitors to aid the talks with the tax authorities and help with the payment of wages.
However, with Melville, the club's main benefactor, recently offering to resign his position from the board and ongoing concerns over mounting debts, the club has decided to move into administration in an attempt to secure their future
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Comments
Sadly, you might have to hurry up and book that trip.
Save Dundee.
He does everything sadly!
lol
The Dundee lads will be down for the Help the Heroes Night in the conservative club on Sat 30th oct. All proceeds to the Legion Club. All welcome mate
Shouldn't that be Och!
THEY CAN STILL STAY UP, HOPEFULLY
What about Gretna?
They will go to bottom on 7 points, but that is only 7 points from outright safety with an infinitely superior GD (though the team they are chasing, Morton, have played two games fewer)
There is a relegation play-off for second bottom which they are only 5 points shy of (albeit having again played 2 games more) though their GD counts for an extra point
They were in 2nd (level on points with Falkirk in third who have a game in hand on Dundee) with a record P17 W9 D5 L3
I'd say if they respond well they can at the very least avoid finishing bottom and so make the two-legged play-off - they have done so well to get so many points in the bank until now with all this hanging over them, it gives them a real chance
Last season, Raith finished 7th on 42 points.
Dundee have a huge chance, very impressive so far