The demise of Twente would represent a sad chapter in the history of Dutch football, according to former midfielder Jason Culina.
The immediate future of the Eredivisie club appears in serious doubt after an independent report into the club's financial problems recommended that most of the board stand down.
Royal Dutch Football Association (KNVB) director of professional football Bert van Oosteveen said he was "not optimistic" over the situation, adding that the club could potentially lose their licence.
And, while Culina can offer no fresh insight into the problems that have engulfed the club he represented during the 2004-05 season, he said their loss would be a major one.
"They are an important club because they've shown over the years they know how to produce good, young, talented players," he told Omnisport.
"I was fortunate enough that they gave me an opportunity after I was released by Ajax back in 2004.
"When I went there they were a mid-table club and possibly lingering below that.
"They always had ambition. They always said they wanted to be a top-four club and they exceeded that by becoming champions [in 2010].
"I only spent a year there before I went to PSV, but there are plenty of young, talented players to come through the club."
Culina continued: "It's one of those clubs that demands the best from their players but does not put too much pressure on their players.
"They wanted to grow slowly, but instead they grew quickly.
"Unfortunately, maybe things did not happen the way they should have at the club and now they see themselves in a dire situation.
"But they were always ambitious. That's why I decided I wanted to go there.
"They always wanted to compete with the bigger clubs but couldn't do it week in, week out.
"I certainly don't have anything bad to say about the club. My season there was a very successful one for me on a personal note.
"It was a fantastic club for me to grow as a player, so it is unfortunate to see them where they are."