The new owner of Bury Football Club has said its financial position is 'significantly worse than what was discovered' during the process of his takeover last December.
In a statement issued as a winding-up petition goes to the High Court next week, chairman Steve Dale said the extent of 'problems inherited from the previous ownership' have now become apparent.
But although admitting to a 'testing time', he said the club would 'overcome its current difficulties'.
Ahead of the League Two loss away to Cambridge on Tuesday night, Bury issued a statement revealing 'interim internal financial restrictions' after it was claimed staff and players weren't paid.
The club paid off a debt earlier this year, leading to a winding-up petition issued by HM Customs being dismissed in February, and the latest petition is understood to involve former Shakers player and manager Chris Brass.
It's due to be heard in court in London next Wednesday.
Mr Dale, from Prestbury, Cheshire, took over as owner and chairman from Stewart Day, who bought the League Two club in May, 2013.
Then Mr Dale said his initial plan was to 'establish Bury as a stable and self-sufficient League One side' - and he said that aim hasn't changed.
He also revealed in the statement that he's ignored advisors who have urged him to 'walk away'.
Under the managership of ex-player Ryan Lowe, the Gigg Lane club sit third in the league pushing for promotion to League One.
In the statement Mr Dale praised players, staff and directors, but said he could 'confirm that there is some element of truth in the circulating information relating to the club’s financial affairs'.
But he added: "Fans, followers and the community can rest assured that Bury Football Club is here to stay.
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"Due to a number of unforeseen issues, the financial position of the club is significantly worse than what was discovered during our due diligence process prior to the acquisition. The full extent of the problems inherited from the previous ownership of the club have become apparent over time, and this has undoubtedly led to our current difficulties.
"It is certainly a testing time, but we can overcome it. We will overcome it.
"To address some of the gossip pertaining to my own position, I can assure you that this remains the same as it has been from day one.
"On the financial side, I made a commitment to get the club on an even keel, at which point my job would be done and a new, younger custodian could take over. That is still my aim, and what I’m working towards, although this process is slower than I would have liked due to the new issues that have arisen.
"Whilst many in my position would have walked away having unearthed the true position of the club (as some of my advisors have urged me to do), that’s simply not my style. But nor am I a never ending ATM machine.
"Fiscal prudence and fans through the turnstiles are what will ultimately safeguard the future of our club. The former of which we’re working on, and the latter of which we need your help with. The continuity of any club is only viable by the support and attendances of its followers.
"Supporters are the blood we need through our veins, so bring as many family and friends as you can, get behind the team and have a great day. This will serve as a valuable contribution to securing the future of our club in the immediate term, as well as for future generations."
The proud old club's turbulent financial history has been much chronicled over the years.
In 2002, Bury slipped into administration but were saved by fans who launched the hugely-successful Save our Shakers (SOS) campaign, backed by the likes of Sir Alex Ferguson, then Manchester City manager Kevin Keegan, the Neville brothers and David Beckham.
Bury travel to play Carlisle United on Saturday.
