Malaga have denied that their owners have refused to put more money into the club and said trying to comply with financial fair play rules was behind ongoing financial uncertainty.
Reports have linked several key players including Santi Cazorla - believed to have been given permission to travel to London, where he has been linked with a move to Arsenal - with transfers away from the Andalusian outfit amid allegations of unpaid wages and bonuses.
Some have suggested that up to six first-choice players could be sold, and it appears that coach Manuel Pellegrini will leave.
But amid speculation that owner Sheikh Abdullah Bin Nassar Al-Thani has pulled the plug on his investment, the La Liga club issued a statement in which it said was "restructuring" its finances.
The statement said: "Malaga Football Club has started a process of internal restructuring within the organisation to adapt to the standards of financial fair play and with the intention of guaranteeing the self-sufficiency and sustainability of the organisation.
"This process doesn't mean the current owners have refused any type of investment. It will involve some changes in the current organisational entity of the club and will make the organisation stronger in the future."
That "restructuring" includes the impending sale of Cazorla and could also see internationals Nacho Monreal, Isco, Jeremy Toulalan, Joaquin and Salomon Rondon leaving the club in the coming weeks.
After a meeting between the squad and management on Wednesday evening, Venezuelan international Rondon, 22, admitted he was worried.
"We must not throw more wood on the fire," he said. "We will keep training and not make any rash decisions. We need to keep cool heads but, if the situation is not fixed, it is normal that players would leave. [But] I have two years of my contract remaining and would like to stay here."
He admitted Cazorla appeared certain to leave, saying: "He would be a big loss for Malaga. He is a great player, and I congratulate him for his great work for the club."
Pellegrini decided to quit after a meeting with the Qatari owners' representative Moayat Shatat on Wednesday evening, according to Marca. Sporting director Antonio Fernandez is also set to go.
Malaga captain Weligton admitted player sales would probably be needed to allow the club to clear enough of their debts to be able to play in La Liga next season.
He told Marca: "There are no secrets about the situation the club is in. We expected more signings but, for certain reasons including many we don't know, the money has stopped coming in.
"Everything is not lost. If we have to sell players to fix the problem, then sell them and start again from zero. The club has to do what is necessary to solve the problem, and it cannot wait. We cannot let the institution go down."