Plymouth consultant Peter Ridsdale has told the BBC the club has no money left and will not be paying February's wages.
Staff are already without January's money and met today to be told they would not get February's pay on time either. Ridsdale confirmed talks with investors are ongoing, but that the expected entry into Administration will happen in the next few days with no firm offer on the table.
The move into Administration will mean that the Football League will withdraw the club's 'Golden Share' in the competition, meaning they will not be able to receive any TV money due to them until they exit Administration on the FL's terms.
Those terms are likely to include any new owner submitting a business plan to the FL to prove the club would be viable, and making a number of guarantees to the FL over repayments to creditors.