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The Galicians, who are struggling in 19th place in La Liga, are 99m euros in debt and have sought protection from their creditors.
President Augusto Lendoiro said: "This makes me sad and ashamed, but there was no other option. 85% and 90% of the debt is with the government and banks.
"This is a different stage, but I see myself with the strength to continue," Lendoiro added. "The club is viable. I would give high marks to my management of these 25 years at Deportivo. I expect to stay here day to day."
The club have entered 'Ley Concursal protection' - a decision which all bar nine current top flight sides (Barcelona, Real Madrid, Athletic Bilbao, Osasuna, Atletico Madrid, Valencia, Getafe, Sevillaand Espanyol) have taken at some stage.