Rotherham chairman Peter Ruchniewicz has warned the club could fold in weeks if they fail to close a funding gap.
A Save Our Millers campaign has been launched in a last-ditch bid to raise £1m to avoid going out of business.
Ruchniewicz told Rotherham's website: "If we cease trading the club is likely to go straight into liquidation and go out of existence.
"But we believe the club can be saved if anyone with any sort of link to it gets behind us."
Rotherham are currently losing £140,000 a month and Ruchniewicz said: "We're sorry to have to tell fans that the club's financial position has reached a critical phase.
"If the club does cease trading, it is unlikely to go into formal administration given its limited resources and level of funds and assets required.
"The thought of the club going out of existence is too dreadful for any of us to contemplate, but is nevertheless a very real possibility."
Yet again it the fans again that are paying the price of post ITV Digital and the club trying to get it's self back into the Championship.
www.rufctrust.co.uk/internet.txt
http://www.saverotherhamunited.com/