Whilst not good, it is not uncommon. Is this related to the bonds? If the re-financing hasn't fully been signed and completed, the auditors will either have to place a qualifying notice on the accounts effectively saying the business is insolvent, or wait until the re-financing is in place, and then there is no need to qualify the accounts. Otherwise, it places the directors in the position of trading whilst the business is insolvent.
Frankly, whilst not unusual in the game that is 'professional' sport, securing your present trading on the value of your premises is at best kicking the issue in to the long grass, but most clubs will be doing much the same. It rarely ends well though (ask any Sky Blues fan why they moved out of Highfield Road).