Local MP Lisa Nandy and Greater Manchester mayor Andy Burnham have called for an investigation into Wigan Athletic's recent takeover.
The Latics entered administration earlier this week having been taken over by the Next Leader Fund on 29 May.
The Labour politicians have asked that administrators be stopped from selling players and the club's 12-point penalty be frozen until an inquiry is complete.
Wigan will fulfil Saturday's game at Brentford despite players going unpaid.
"We have heard today that staff at the club are about to be made redundant and that players are being offered for sale," their joint-letter to English Football League chairman Rick Parry says.
"This raises serious concerns about the administration process and fears that the club is being broken up.
"There are also serious questions to be asked about the EFL's processes, with the club's new owner being approved just a matter of days before it was plunged into administration.
"This shocking turn of events has left the public of Wigan bewildered and their fate of their football club hanging in the balance."
Nandy, the MP for Wigan and also shadow foreign secretary, described Wigan's entry into administration as a "major global scandal" in a letter to culture secretary Oliver Dowden earlier this week.
Meanwhile, Parry was filmed by a Wigan supporter discussing the club's plight soon after administrators took control on Tuesday.
The club will be deducted 12 points this season if they end the campaign outside the bottom three, or next season if they finish in the bottom three and are automatically relegated to League One.
Paul Cook's side are currently the form team in the Championship having won six of their past nine games to rise up to 14th in the table, seven points clear of the relegation places.
"Wigan Athletic FC is a vital part of our proud footballing heritage in Greater Manchester with deep roots in our community," Nandy and Burnham added.
"We urge you to step in today and take urgent action to secure the long-term future of this much-loved club."