FAI chief John Delaney spoke about Derry's situation on Thursday

The FAI has called an emergency meeting for Saturday to discuss Derry City's financial crisis.

FAI chief John Delaney described the situation as "grave" and hinted that the club may not have been forthcoming with the full extent of its woes.

"If we do find a situation where we've been given information which differs from what is should have been, we will take it very seriously," said Delaney.

Derry now could be facing relegation to the League of Ireland First Division.

Shelbourne suffered a similar fate after the 2006 season after a financial crisis gripped the then League of Ireland champions.

Derry's players have largely gone unpaid over the last 10 weeks and the club has been unable to pay money owed to Dungannon Swifts arising from the transfer of Niall McGinn to Celtic.

Some estimates suggest that the Candystripes' current debts are in excess of £250,000.

Delaney's comments on the crisis came 24 hours after a meeting between the FAI and Derry officials.

I hope that Derry City do survive but in what guise they might survive, I don't know FAI chief executive John Delaney

The FAI chief made clear that the issue would have to be dealt with quickly as it "might" have implications for the relegation play-offs.

There is speculation that Derry could be hit with a points deduction in the region of 20 points although outright relegation is also believed to be a possibility.

"I want to make it clear that I know what it means to the FAI to have Derry City competing in the league and also what it means to everyone in Derry to a part of the League of Ireland," added Delaney.

"But I would be really concerned about the meeting that took place last night (Wednesday).

"At this stage I hope that Derry City do survive but in what guise they might survive, I don't know."

The latest developments in the saga have completely overshadowed Derry's final game of the season against Dundalk at Oriel Park on Friday night (1945 GMT).

In theory, Derry go into the game with a European spot still possible with Cork only three points ahead of the Candystripes ahead of their final contest away to Galway United.

However, Cork have a significantly superior goal difference and in any case, the unlikely event of Derry securing third spot may have been overtaken by other events.

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