Rayo Vallecano are considering going to the Court of Arbitration for Sport having seen an appeal to receive a UEFA licence rejected yesterday.
The club were originally denied a UEFA licence last week by the Spanish Football Federation (RFEF) on financial grounds, but appealed that decision at the start of this week.
However, whilst Espanyol took the same course of action and have been confirmed by the RFEF as having received a licence having appeased concerns over their finances, Rayo have seen their appeal rejected.
Rayo’s appeal is based on the fact that their debts owed to creditors cannot be resolved as quickly as required due to the club being in administration.
It is believed that the Madrid side are considering taking the case to the Court of Arbitration for Sport, even if it appears unlikely that they will overturn the decision made.
Should Rayo not receive a UEFA licence then they will not be granted access to any European competition they otherwise qualify for for next season.
Mallorca previously have fallen foul of this ruling, again for having failed to meet economic conditions required.
Play and compete for prizes in the world's most entertaining Fantasy Football Game. Select your favourite players from Europe's top 5 leagues, including Messi, Ronaldo, David Silva and Pepe Reina.