Real Sociedad face the prospect of going bust unless they can raise additional capital through a new share issue.
“If this plan is not approved, we will be obliged by law to dissolve the club,” Sociedad president Miguel Fuentes told the club’s website on Wednesday.
“We believe that a share issue is the best way to ensure the future of the institution.”
The club announced at the start of last month that the board of directors had inherited a debt of close to €31m when they took charge in the close season and only by attracting investment to the club can they hope to survive.
Fuentes said the board hoped to raise €6.7m through the share issue.
Fuentes also announced that the price of season tickets would be increased by an average of 25 percent in order to help cover costs for next season.
Sociedad, who are based in the Basque city of San Sebastian, are one of Spain’s most historic clubs.
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