Employees at Swansea City AFC could face redundancies as the club tries to balance its books.
A letter sent to staff says that following the team's relegation from the Premier League in 2018, "The company is continuing to see its income reducing."
The letter states that both Swansea City AFC and Swansea Stadium Management company could be significantly impacted and that:
"The companies have concluded that there is a risk that they will be unable to continue to provide work for all of its employees and that they may therefore have to make redundancies."
It comes just a few days after the club appointed Trevor Birch as chairman following Huw Jenkins' departure.
Responding to ITV Wales's request for comment, a Swansea City spokesperson said: "There is likely to be a reduction in headcount."
They added that it had "been a difficult decision" for the club.
The club can confirm that a comprehensive review of its operations and organisational structure is ongoing. As part of this process all staff have received notice informing them that the review is being undertaken and as a result there is likely to be a reduction in headcount.
The club stressed that the decision was made before the appointment of new chairman Trevor Birch who takes up his position next month.