The club was founded in 1945 and plays in the BGB premier division
Club owner Wyn Holloway concedes that Merthyr Tydfil Football Club is "under serious risk of closure" because of debts of an estimated £315,000.
The club's Southern League clash with Clevedon Town will go ahead despite Penydarren Park having no electricity.
The Welsh non-league club have brought in temporary generators so Tuesday night's game can be played.
"I believe the debt, not to the nearest pound but to the nearest thousand, is about £315,000," Holloway admitted.
The Martyrs are in talks with Swansea City about holding a fundraising game, while one with Cardiff City is already scheduled.
Holloway told BBC Sport that Merthyr's players have not been paid "for a while" and when asked if the non-league club's existence is under a serious risk of closure, he replied: "Of course it is.
"According to our 2005/2006 accounts the club was taking about £9,000 a week, we're now lucky if we take £600 a week.
There is a distinct possibility that this club could be out of business within the next few days unless funds can be found
Former Merthyr Tydfil secretary Anthony Hughes
"I have spent £800,000 over the last 10 years but there is no more money.
"The wage bill is over £2,000 a week, the electricity and gas bills are about £30,000 a year.
"I paid last month's electricity and the month before that - but there is no income, there is no bums on seats, there is no sponsorship.
"I don't know if I am going to put the club into administration."
Merthyr's commercial manager Nigel Thomas said a showdown meeting will discuss the club's future on Wednesday.
But the 100-year-old club's long-standing secretary Anthony Hughes resigned at the weekend.
And he warned: "There is a distinct possibility that this club could be out of business within the next few days unless funds can be found.
Merthyr have hired temporary generators for the rest of the season due to the lack of electricity to power floodlights at its dilapidated ground.
However, Hughes, who will continue to help the club for the remainder of the season, said: "The fact the power has been cut off is because there is a substantial bill owing to British Gas Business.
"But they are still going to want their money so the generator is just an emergency measure to get the club through the next few months.
"It will bide the club time in the hope that someone will help the club financially."
Merthyr are joint-fourth in the British Gas Business Southern Premier League and chasing a play-off place despite the club's off-the-field woes and the fact that players have not been paid recently.
Failure to fulfil a fixture would leave Merthyr at risk of a fine and a possible points deduction.
Holloway has rejected a take-over bid from Martyrs To The Cause Supporters' Trust to take over the debts and running of the three-time Welsh Cup winners.
Merthyr played in the Conference, the division below the Football League, for six seasons until 1995.
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