Under the plan, the firm would file for bankruptcy, which would freeze most debts owed to tradecreditors and employees, as well as payouts to pension holders.
This money will most likely be allocated over a five-year period with the club's more than 400 "trade creditors" - local businesses, charities and other suppliers - at the back of the queue behind so-called "football creditors", who must be repaid in full under football's rules.
Countries that rely on other nations to buy their debt run a risk of becoming beholden to their creditors and having to trade sovereignty for liquidity.