Storm are trying to raise �150,000 to meet the cost of the latest rent payment on the MEN Arena and unpaid wages to players and office staff.

They have already had to cancel their last five league games and a number of players - including captain Ivan Matulik and Great Britain skipper David Longstaff - have already left for other clubs.

Speaking to the Manchester Evening News, ISL chief administration officer Brian Storey said time was running out for Storm owner Gary Cowan to salvage the club.

"If he can raise the money the job's a good one, but as time passes I get more deflated," he said.

"It would take two weeks to form a new company and I don't know if we have that much time."

Manchester forward Pierre Allard warned that the exodus of players would continue if there was no breakthrough.

"We are all hoping this thing will be sorted out and that we get paid, but we need reassurances that this won't happen again," he said.

"We can't go on wondering if there's going to be a team from one day to the next."