Former giants Deportivo La Coruna are the latest Spanish club to file for bankruptcy protection.
The Galicians, who are struggling in 19th place in La Liga, are 99m euros in debt and have sought protection from their creditors.
President Augusto Lendoiro said: "This makes me sad and ashamed, but there was no other option. 85% and 90% of the debt is with the government and banks.
"This is a different stage, but I see myself with the strength to continue," Lendoiro added. "The club is viable. I would give high marks to my management of these 25 years at Deportivo. I expect to stay here day to day."
The club have entered 'Ley Concursal protection' - a decision which all bar nine current top flight sides (Barcelona, Real Madrid, Athletic Bilbao, Osasuna, Atletico Madrid, Valencia, Getafe, Sevilla and Espanyol) have taken at some stage.