Brisbane Lions chief executive Malcolm Holmes will be sacked by the club on Thursday, according to News Corp.
An announcement regarding Holmes’s departure is expected to be made on Thursday.
News Corp reported that the position of chairman Bob Sharpless was also under threat.
The Lions has a reported debt of about $10 million.
Brisbane’s financial woes have stretched for several seasons.
According to the Lions’ latest financial report, the club recorded losses of $1.57 million in the 2012-13 financial year, and a $2.51 million loss in the previous 12 months.
Holmes was appointed by the club in March 2011, having previously worked for New Zealand Thoroughbred Racing and the Brisbane Turf Club.
News of Holmes’ predicted sacking comes as the club struggles to push through a plan to re-locate its training base to Springfield in Ipswich.
Part of the promised funding for the facility was pulled by the Federal Liberal Government after it came to power last year.
“There’s dirt being turned out there as well. There’s the city council preparing the site so we’ve now had to go on a process where we need to re-apply for the funding,” Holmes told 612 ABC Brisbane on April 28.
Holmes said the Gabba would remain the club’s “spiritual home”, and that matches would never be shifted from the stadium.
Ipswich City Council, Springfield Land Corp and the Lions had originally signed a heads of agreement document, which pledged the groups would work together to secure funding for the project until July this year.
Last month the council said it wanted to extend that period for another 12 months.
"Council is doing everything in its power to help the proposed centre come to fruition," Ipswich Mayor Paul Pisasale said.
“Ipswich is one of the fastest growing cities in Australia and securing this major sporting facility for AFL is a further boost in confidence for our city.”