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The company was placed into administration buy the co-oweners after the Football League refused to accept a cut of £130million in the TV deal worth £315million across the 72 league clubs.
ITV Digital is currently losing around £1.5million a day, and will spend around £50million closing down - reimbursing customers and paying off staff.
That will not be the end of the story though, with reports that upto half the clubs in the nationwide league could be plummeted into financial crisis' after budgetting for the income.
The Football League have already said that they will seek action through the civil courts to ensure they receive payment in full.
Culture secretary Tessa Jowell this afternoon urged the FL to negotiate further with the company to try and ensure a clean settlement.
"It is in the interests of football to play a full part in these negotiations if they are to achieve the best outcome for the game and the clubs," she said.
"This is a testing time for football. I urge the Football League to keep the negotiations going. While everyone is still talking, there is hope this can be settled."
However former sports minister Tony Banks has warned that the decline in advertising revenue, and the adverse effects on TV companies, have promted the greatest crisis professional football has seen.
"Football clubs, from the Premier League right the way down, have become so reliant on television money for their financing that any failure of any contract will have profound consequences for the financial future of the clubs," he warned.
It is unclear what effect this will have on Scunthorpe United, but a number of lower division clubs have already said they will be forced to sell players and lay off other staff.
The Iron's wage bill is amongst the highest in the division, and unless promotion is gained this year it is unlikley manager Brian Laws will be handed a large budget this summer.