Farsley face a winding up order in the High Court in London tomorrow – over an outstanding payment of £200,000 owed to the Inland Revenue – and the bottom line is the club could be shut down after 101 years.

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But the Celts are scheduled to return to pre-season training this evening and Parsley said he would be sticking to his plans until someone tells him otherwise.

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Parsley said: "It is difficult because obviously I have got players who have signed for next season and since the story about the financial situation appeared in the Yorkshire Evening Post on Saturday they have been asking me what the hell is going on.

"All I can tell them is what I know, and I only know what I have been told.

"Basically, what I am led to believe is the club is going to go to court on Wednesday and one of three things can happen – the case can get adjourned, the club can be liquidated or the club can be put into administration.

"Obviously, we know liquidation means Farsley Celtic will be no more.

"An adjournment means the court case will be delayed for a consortium to make a bid to buy the club.

"If it goes into administration, a businessman could come along and flatten it and put houses there, or a football man could come along, the club would survive and the people who are owed money would get so much in the pound.

"I will address the players tonight and tell them all that, and the uncertainty of it all will be unsettling.

"But we will then start pre-season training as normal – I have to do my bit and make sure the squad is right. It will be business as usual on the playing side until I am told otherwise."

News of Wednesday's court case is the culmination of a traumatic 18 months at Throstle Nest.

Farsley's meteoric rise through the pyramid system has been well documented, with elevation from the UniBond League First Division in 2004 the first of three promotions in four seasons under rookie manager Lee Sinnott which took them all the way to the Conference for the first time.

But the full cost of that success is now becoming abundantly clear.

Farsley – who lasted just one season on non-league football's top table – were banking on a multi-million pound deal to sell off part of their land at Throstle Nest for housing and when Leeds City Council refused to sanction those plans in March 2008, the problems began to escalate.

Parsley, who took over as manager last October, saw his budget slashed more than once and endured a transfer embargo, but still managed to stave off the threat of relegation and keep the club in Blue Square North last season.

He has had his budget reduced again this summer, but had high hopes of keeping Celtic competitive after bringing Simeon Bambrook – the player who scored the goal which took Farsley into the Conference – back to the club as player/assistant manager, and signing the likes of Lee Ellington from Stalybridge Celtic, Liam Shepherd from York and Dave Syers and Matty Young from Harrogate Town.

But Parsley knows Farsley, at best, are now facing starting next season with a 10-point penalty – though he would happily settle for that at this moment in time.

He said: "I am annoyed that it has been allowed to get to this stage, to the start of pre-season, but I think the time to ask questions about why the club is in this state and to point the finger has gone. I think we are too far down the line for blame, it's about saving the club now.

"It would be devastating for the city if the club went out of business. This is the highest-ranked club in the city behind Leeds United. Obviously, the bottom line is we hope there will still be a football club after all this. That's what the shareholders want, that's what the supporters want and that's what the president (John Palmer) wants – for Farsley Celtic to continue. But for that to happen now is in the hands of others.

"It's a strange scenario where the club is actually worth more than the debt. The land it sits on is worth more than the money that is owed.

"But in the climate we are in people want to see the colour of your money and unfortunately Farsley Celtic can't show them that at the moment."