In a statement from Oakwell today, the club said: "It is with great sadness that the directors, having closely monitored the financial position of the club over recent months, have been left with no option other than to petition the High Court in Leeds today for an administration order."
The directors took this action after a potential buyer for the club (rumoured to be club sponsor Isoft) pulled out of the deal at the last minute.
The statement concludes that: "The club's relegation from Football League Division One coupled with the failure of ITV Digital and the consequent collapse of the player transfer market has meant that the usual course of action available to clubs in these circumstances has not been available."