York City becomes the next football victim
Football club York City has became the latest in what is likely to be a long line of struggling clubs to go into administration.
The third division side, which has reportedly been losing £20,000 a week, applied for voluntary administration at a court hearing in Leeds today.
The club is being represented by insolvency firm Jackson Jolliffe Cork at the hearing and has been working with club chairman John Batchelor for the last two weeks.
Unless a buyer is found in time, York City could play its last game on 18 January against Swansea, and may go bust even quicker if the application fails.
To date, Leicester City, Port Vale and Barnsley have all applied for administration, while clubs like Watford have had to take drastic measures to avoid collapse.