Coventry City's board say a cash injection of several million pounds from owners SISU has spared the club from administration for now.
New chairman Ken Dulieu told a press conference on Wednesday that administration had been "seriously close" and more investment was needed.
"Will we have enough enough money to get to the end of the season? The answer is I'm not sure," he said.
"We need to get greater funding. This is not sustainable."
The club say that owners SISU have lost £25m since buying the Sky Blues in December 2007.
The new chairman revealed he had secured new funding from SISU on Monday morning to enable the Championship club to meet their creditors.
Coventry City chairman
“If we hadn't have been able to win SISU over then the club would have gone”
"Administration was seriously close," he said. "The owners were looking at the situation in the press - what fans were saying, what the media were saying - and, basically, why should they keep on investing?
"If they're getting a kicking, why keep on investing?
"Myself and the new team were able to convince them, almost at the 11th hour, that this is still a club still worth investing in."
Dulieu insisted City were not for sale, however, and that the problems were "short term".
"We've probably got the best stadium in the Championship and there is a future here, and this is a short-term problem."
But he stressed: "Investors aren't queueing up to invest in Coventry - SISU are the only investors at this moment in time.
"If we hadn't have been able to win them over then the club would have gone."
Dulieu this week succeeded Ray Ranson, who engineered the 2007 takeover that saved the Sky Blues from administration four years ago.
It was originally reported that Ranson had taken on a new role as football consultant. But it has now emerged that Ranson has quit the club completely.
The club have also announced that Paul Clouting is to be the club's new chief executive.
Clouting, a marketing and sales professional by background, has worked for Derby County and Ipswich Town in the past.