The Iron have been on a downward spiral since relegation from the Football League for the first time since 1950 last year.
The club have dropped down the football pyramid, now playing in the National League North after experiencing three demotions in the last five years.
Finances were plummeting at an alarming rate off the pitch and former chairman Peter Swann stood down earlier this year after being issued with a winding-up petition.
David Hilton took over the reins and offered a brighter future, however, things quickly turned toxic with troubles increasing further.
Football has seen the sad demise of far too many historic clubs in recent years and Scunthorpe sadly could be the next.
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What has happened to Scunthorpe United?
Scunthorpe have been in financial dismay for multiple years and have experienced a total collapse on the pitch, leading to three relegations.
The Iron owe money to former players and the EFL as well as needing to pay outstanding tax bills and County Court Judgements.
All of those issues reached a head this week as bills continued to be unpaid, loyal fans were banned from matches and the club were kicked out of their stadium.
A statement confirmed that owner Hilton is now looking for 'a way out' and that he will no longer be providing funds for the club.
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This means they are now desperately in need of new buyers, with their future on the line.
But things are looking bleak with the statement also confirming that potential investors are not willing to help due to the club's financial issues.
Therefore, they have called on an 'outside company' to help ensure their unpaid bills and wages are finally dealt with.
Hilton has abandoned the club amid an FA investigation into an offensive message shared on social media which appeared to be from the owner.
He has denied that he sent the message that read: "I've said I'll carry on working hard but won't give that club my children's inheritance knowing my days there are numbered.
"I can always leave the keys under the mat for you if you like and your club will be gone in a week."
Hilton's decision to withdraw his funding, leaves Scunthorpe in limbo, with there now being huge doubts over whether they can pay their players and staff.
Why have they been kicked out of Glanford Park?
Scunthorpe have also been forced to play their 20 remaining home games this season away from Glanford Park.
The club is moving out of its stadium amid the FA investigation into their owner and his ongoing conflict with former owner Swann.
Under Swann's reign in 2021, he transferred the ownership of Glanford Park to his company Coolsilk in exchange for £11million worth of loans he put into the club.
As mentioned, he then sold the club to Hilton, however, it led to a war between the two owners as they tried to agree on a new deal.
This meant the future of the stadium was uncertain with the issue going to court, but Hilton managed to find a loophole to keep the club at their home for the time being.
Coolsilk still owns the ground though, and they are 'refusing to engage' with Hilton over allowing Scunthorpe to regain ownership.
Hilton is refusing to spend any more money on the club and therefore, with neither party budging, the Iron are having to vacate.
A statement released on Thursday read: "This is not a day-to-day cost cutting exercise.
"This is due to Coolsilk (who own the stadium) refusing to engage with the club and demanding vacant possession before they will begin to do so.
"This is also due to the risk the club faces of being liable for hundreds of thousands of pounds in legal fees and back dated market rent, along with significant monthly legal costs of our own that will certainly impact any attempts to create sustainability.
"In any case, Coolsilk own the property and will undoubtedly get possession back at some point, and therefore it is no longer viable without the financial support of the Chairman to put the club at risk with such a gamble to merely guarantee a few extra months at the stadium."
It was stated that the club would instead be playing their home games at Gainsborough Trinity, however, the story then took another bizarre turn.
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Gainsborough confirmed that they had not been informed of the plans, leaving Iron fans with no idea of what comes next.
So concerns continue to grow and the future of Scunthorpe United is unfortunately looking extremely bleak.