Worcester Warriors have confirmed that they remain in dialogue with HMRC over the threat of a winding-up petition over an unpaid tax bill.
BBC Hereford & Worcester say several local businesses are also owed money by the Premiership club.
But Warriors say they are on the brink of new funding and have suffered 'unavoidable delays' by health issues.
The club said they are "working on solutions to secure the financial future and to pay outstanding tax".
In a club statement, they said: "Worcester Warriors, along with many other businesses and most sports clubs have found the past two years extremely challenging owing to the Covid-19 pandemic and the rise in the cost of living.
"We retained our staff but lost income during the various lockdowns during which the overwhelming majority of matches were played behind closed doors.
"We returned to normal operations 12 months ago carrying a tax liability to HMRC.
"From the outset, we have worked closely and openly with HMRC on a plan to clear these liabilities.
"The club owners and board are fully committed to preserving top-flight professional rugby in Worcester.
"A solution, which would secure the long-term future of the club, has been approved.
" Unfortunately, there have been unavoidable delays beyond the club's control to the final tasks required to complete the funding.
"Having kept HMRC fully apprised of the situation we are disappointed that they have taken the decision to issue a winding-up petition.
"The club's directors are in continuing dialogue with HMRC in an attempt to find a speedy and satisfactory resolution.
"We have also been in communication with the Department for Digital, Culture, Media and Sport, Sport England, Premiership Rugby and the RFU [Rugby Football Union] regarding this matter."
Warriors' cash-flow issues come at a time when Midlands rivals Wasps have also experienced problems.