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The club face a winding up order in the High Court in London on Wednesday – over a £200,000 tax bill – and unless a new investor comes forward within the next 72 hours there is a "very real possibility" Celtic will go to the wall.

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In a last-ditch bid to stave off the petition being brought by the Inland Revenue, Celtic's board has decided to put the club into administration but claim the taxman has refused a request to adjourn Wednesday's hearing pending the formal appointment of an administrator.

Commercial director Paul Grayson, who revealed the club survived a separate winding up order in March, said: "At this moment in time it's looking bleak.

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"If people want a club in west Leeds – in the second tier of non-league football – now is the time to step in.

"Without outside help I would say things are 30/70 against us surviving and even that's being optimistic.

"If nobody comes forward in the next three days and the judge won't allow us to put the club into administration, then there will be no Farsley Celtic on Wednesday. The padlocks will be on the gates."

The extent of Celtic's problems became clear in January when president John Palmer, in an exclusive interview, told the YEP the club had "overstretched chasing the dream".

Three promotions in four seasons – culminating in a glorious night in May 2007 when Farsley beat Hinckley United 4-3 in the Conference North play-off final – ensured Celtic would spend their Centenary season as a Conference club for the first time in their history.

But Palmer admitted Celtic – who were relegated after just one season in the Football League's feeder division – had been banking on a multi-million pound deal to sell off part of their land at Throstle Nest for housing.

When Leeds City Council thwarted those plans in March 2008, Farsley discovered the success was built on shaky foundations. The credit crunch arrived, and the land was worth a fraction of the price.

Nevertheless, Palmer insisted in January: "There is no chance whatsoever of this club going out of business. It's left us in a bit of a state but I do believe we can get out of it."

But in a statement released to the YEP last night, he confirmed the financial position had deteriorated.

Palmer said: "We have no choice but to consider administration. I have worked tirelessly to try and raise sufficient money to avoid the process, but the economic climate means that investors are tightening their belts.

"It is profoundly sad, because we sit on over six acres of land, we have a sports hall and I believe, with a bit of work, a club that the people of west Leeds would come out and support.

"Paul Grayson has had a number of discussions with HMRC, and Paul Truswell MP has done what he can but, unfortunately, the Revenue are reluctant to allow us time to pay.

"That is their prerogative, and it has perhaps not helped that in the past our payment record has not been the best.

"The board of directors resolved to enter administration at a meeting last week.

"We have held meetings with a couple of insolvency practitioners who are working up until Wednesday's deadline in the hope that the winding up hearing will be adjourned so as to give time to allow for the formalities associated with the appointment of an administrator."

Anyone interested in helping Farsley Celtic should contact the club.



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