The Board of Directors at Swedish side Helsingborg have resigned because of the financial problems the club is experiencing.

Helsingborg won the Swedish league title in 1999 and then signed players on high wage, long term contracts. With a failure to land a regular spot in the Champion’s League, the club has run into debts totaling €3.9 million.

The Helsingborg election committee will have to select a new board but in the meantime, they must also prove to the Swedish FA they can produce positive capital of their own in the future. If they cannot, they FA has the power to relegate from the top division.

The club currently lie in fifth place in the league.