Wrexham FC's co-owner Geoff Moss has said the football club has run out of money.
It is understood 115 people ranging from catering staff to the coaches and players have not been paid.
A supporters group is appealing to fans to make donations to an emergency fund to pay the players.
Mr Moss also said he was considering leaving the country because of death threats which he said have been made against him.
He said the club, which is up for sale, was desperately searching for cash to pay both the wages and a £45,000 tax bill.
Two pre-season friendlies have been cancelled.
Wrexham Supporters Trust have been involved in a lengthy bid to buy the club.
It said it still hoped a deal could be concluded.
The Wrexham Supporters Federation, an umbrella organisation for all independent supporters groups, has set-up the fund to raise money for the players.
The club shares the same owners and Racecourse home as the Crusaders, whose withdrawal from Super League was announced on Tuesday. Crusaders players have been paid.
In a statement issued to the Daily Post, Mr Moss said: "We had mistakenly hoped a deal would have been concluded by now which would have resolved the situation.
"This has left us in a very difficult financial situation which we have highlighted several times recently.
"It is very regrettable - we have run out of money, it's not that we won't [pay the players], we just can't."
He said he had lost a lot of money and was in a difficult financial situation that would mean he would have to sell his house.
"I am afraid that for the sake of my family's safety in view of the death threats I have received, I may have to leave the country," he added.
Wrexham Village, the holding company which owns Wrexham FC, also owns the Racecourse ground and the club's training facility.
Glyndwr University is discussing plans which could see it buy into the Racecourse with the Supporters Trust buying the football club.
Trust spokesman Spencer Harris said their bid hinged on the backing of third parties.
He said: "The situation as it is that we have agreed a deal in principle on taking over the club.
"That deal involves third parties. As soon as the third parties are ready, the deal can go through.
"I'm confident that if we all keep level heads and stay calm in this situation and Geoff Moss keeps the club going while the deal is completed, then Wrexham FC has a very bright future."
Mr Harris said the the trust's constitution prevented it stepping in with emergency funding to keep the club running before a deal was sealed.
The Supporters Federation is appealing for fans to help pay the players' wages.
It said it was fully behind the trust's bid to buy the club and understood the trust could not use its money to pay them.
"This emergency fund will help for the interim period between the club being taken over by the trust and the ground by the university," it said.
Games at Colwyn Bay on Thursday night and at Vauxhall Motors on Saturday have been cancelled.
Wrexham's 2011-12 Blue Square Bet Premier campaign is due to get underway at the Racecourse against Cambridge on Saturday, 13 August.
Former Wrexham manager and player Dixie McNeil said he was worried what it would mean for the coming season.
He told BBC Radio Wales: "All I can see is the Conference or the Football League stepping in at some stage and saying 'hang on a minute, are you able to get through next season?'
"At the moment, you look at the statement that's been made, and you say 'I don't think so.'"