Dundee have been placed in administration as the clubs debts were revealed to be around £20m and that the club is losing around £100,000-a-week.
Dundee owners, Jimmy and Peter Marr, insist administration is necessary to safeguard the future of the club and have agreed to allow financial consultants Ernst & Young to oversee the running of the club.
meanwhile Giovanni di Stefano, whose directorship at the club has still to be ratified by the Scottish Football Association, maintains the move is a disaster and is looking to halt the process.
He claimed 'If somebody doesn't intervene and I walk away, it is the end of football at Dens Park. It is simple as that
A statement from Ernst & Young said: 'This move stops the clock running on the club's debts and gives us the ability to restructure its operations and debts. However, the company is in a critical financial position and solutions to its problems will not be easy to find.
'The new procedures available under the Enterprise Act give us the vital breathing space to build a platform for the survival of the company as a going concern which is our primary objective.
'However, I suspect that this will only be possible if significant changes are made to the company's operating structure.
Di Stefano, who had previously promised up to £26m to save Dundee, said: 'Administration is not the answer but we have to take this one step at a time. 'Obviously, I am going to intervene because I still think that it isn't the answer.
'I am not versed in Scottish law where I would have adjourned it if it had been in England. 'But, here, it is called an intervention and I have instructed solicitors to make an application to intervene.
