Sky Sports News reported last month that the club's previous owners, United World, had issued a winding-up petition against the current owners.
United World, which sold Sheffield United to COH Sports Bidco, claims it is still owned £35m for the takeover.
If the £35m owed to United World is paid the threat of administration goes away.
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As things stand, though, Sky Sports News understands that a winding-up hearing will take place on August 19 - and sources at United World have told Sky Sports News that it could result in co-owner Steve Rosen being banned from his role.
This is due to EFL Regulation 2.1.16, which states any owner involved in two insolvencies in 10 years can be disqualified.
It is understood that in 2023 US company Invacare suffered an insolvency event and Rosen was non-executive chairman.
It is also understood that if the owners are declared to be insolvent a 12-point deduction could be imposed on the club.
In a statement to Sky Sports News, United World said: "As the former owners of SUFC, United World does not want to see SUFC facing months of uncertainty that will follow the winding-up order being granted on 19 August, but in the absence of [Helmy] Eltoukhy and Rosen, both billionaires, agreeing to pay what they owe, we have no alternative but to take all legal steps to protect our interests.
"We understand that the EFL and the Independent Football Regulator (the IFR) are aware of this situation but so far, we are not aware of any intervention by either.
"United World has issued this public statement in the hope that it is possible to avoid the potential consequences the Club may face if this is not resolved before 19 August, after which we shall have no control over those consequences."
The EFL is aware of the United World statement and will consider any relevant developments in line with its regulations.
Sources close to the Sheffield United ownership said: "We are disappointed Prince Abdullah is trying to hurt the club and its supporters with publicity stunts.
"The deal between sophisticated parties in 2024 was well advised by his financial advisors.
"Sheffield United is financially healthy, unlike under Prince Abdullah when the Club incurred a points deduction for missing payments to football creditors.
"Nonetheless, Helmy Eltoukhy and Steven Rosen invited Abdullah to re-invest in the Club and join the ownership of Sheffield United and to help use his skills to support our promotion efforts.
"Helmy and Steve are focused on the sustainability of the club and the season ahead."
Sheffield United started the Championship season with a goalless draw at home to Birmingham.
