Liverpool may be facing a nine point deduction, making this season their worst in decades.
If the owners' holding company is put into administration the FA and EPL will have to take points away from the team already in the relegation zone.
Initially it was believed that the Premier League would not penalise the club for becoming insolvent, but now the likelihood is serious.
Under EPL rules, "the fact that the holding company is solely concerned with the ownership of Liverpool and football-related matters could trigger the nine-point penalty." (The FA)
An Liverpool insider said: "It is not completely clear whether the nine-point penalty would come into play but it would be a risk."
The Royal Bank of Scotland could put Kop Holdings, owned by Tom Hicks and George Gillett, into administration, only if the US duo continue to block a new takeover.
As well as the new takeover looming, they have yet to pay off their £280million debt to the bank.
Hicks and Gillet have been hated by the fans ever since they stepped into Anfield. Now they are becoming hated by many other English football fans.
Football fans like seeing their opponents lose but not punished in this way.
The Duo had the chance to leave England with a smile on their face and a bit of support from Anfield for leaving. However, they will now been known for being two fat cats who would do anything for a bit of money, no matter what happens after they leave.
(Written by a true Man.United fan)