Coleraine lifted the Nationwide Irish Cup in May 2003
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Coleraine director David Cameron has admitted that the crisis-hit Irish Premier League club has been spending more money than it could afford.
The club faces a High Court winding-up order from the Inland Revenue to whom they owe more than £360,000.
"Our rates bill is £20,000, insurance costs £13,000 each year and then there is 17% VAT on top," said Cameron.
"Irish League football is not a viable business. Gate receipts are not close to what is needed to pay players."
Coleraine made a last-ditch offer to the Inland Revenue in the hope of staying in existence.
"Unfortunately, the Inland Revenue have taken the attitude that they are going to treat us like any other limited company," added Cameron.
"They are not going to accept our offer and are going to foreclose on us."
Cameron said that the club's hard-core support had dropped from about 1,000 to 300-400.
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