The move was confirmed by the club in a statement released on their official Web site. "The board, executive committee and club president have been working intensively in recent months to save GAK following the pullout of marketing firm IMG (in August 2006)," said the statement.
"The situation now facing the club is one that the management have spent large amounts of time and personal funds trying to avoid."
"The decision of the prosecutor, which has to be respected, means that GAK is now following the same path already trodden by Sturm Graz," the statement continued.
"The management will now do all it can to ensure that GAK holds onto its top division licence and is hoping to receive similar professional support as was offered to Sturm Graz."
