Chelsea hero Pat Nevin says the club's future is in "grave danger".
Fans are concerned after the club was seized by the UK Government from Russian owner Roman Abramovich after he was sanctioned.
"Once you start digging down into what this could do – yes they can play their games but will they even be able?" Nevin told the BBC's World Football podcast.
"It's not hyperbole to say the future of the club is in serious danger.
"You are in different circumstances now. Sanctions can mean a few things and be updated by the government of the day. People who tell you they know exactly what will happen, don't believe them, because they don't know.
"I think the club will survive. Will it look the same after all this is over, no I don't think that will be the case.
"The usual caveat – it's only football and what is happening in Ukraine is more important.
"But the football side, what will happen to the club now? No one knows. I can tell you something, it's very serious.
"I heard someone say recently the wage bill is £28m a week. Where will you get that if you can't trade? If this carries on for a period of time, it's strange looking to see how the club is viable in its current form.
"It's minute-to-minute and I can promise you now, that club doesn't know what is going to happen today, tomorrow or in a couple of days time."
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