Swindon chairman Lee Power has told a court that the club could go into administration as he failed to overturn an injunction preventing its sale.
Power told the High Court that he cannot afford to cover the League Two side's losses.
He said an American-based company called Able are willing to buy the Robins for £7.5m.
But the court heard two men who own part of the club had not been consulted and had concerns over the sale.
Former footballer Michael Standing, who is now a director at a sports agency, says he acquired 50% of Swindon's holding company when Power bought the Robins in 2013.
And Clem Morfuni acquired a 15% share last year through his company Axis.
Both men successfully gained separate injunctions to block any sale happening without their consent.
Power told the court the blocking of the sale would mean Swindon would have to go into administration, and cost him £5.8m, which he was attempting to claim as damages.
But the judge said there was no evidence that a deal worth £7.5m was likely in the current circumstances of the coronavirus pandemic and dismissed his application.
BBC Points West have approached Power regarding his comments about the club potentially facing administration but are yet to receive a response. Swindon declined to comment.
The Robins are set to win promotion from League Two after the division's clubs opted on Friday to end the season early because of the pandemic.
Swindon were second in the table when the season was suspended in March.
Earlier this week Power told BBC Wiltshire that he feared "30-40%" of League One and Two clubs would not make next season without further financial aid.