The World Professional Billiards and Snooker Association, snooker's governing body, is in danger of falling into financial ruin.

According to the Guardian newspaper, the WPBSA will make a �2m loss this year after failing to gather enough sponsorship money.

"The trading position of this company would be at extreme risk if no substantial income or major investor partner were secured in the near future," said a statement from the WPBSA.

"The company would become insolvent within months of the 2002-2003 season beginning."

According to the newspaper, Jim McKenzie, who was recently dismissed as chief executive, had drawn up a five-year plan in which it was hoped that �4m of extra sponsorship and television income could be found.

However the statement added: "No tangible evidence has been presented to confirm that such extra sponsorship or income is available or has been committed".

To add to the WPBSA's worries, McKenzie is claiming a sum in excess of �100,000 plus additional damages following the termination of his employment.