Bewl Water Sailing Club, on the Kent and Sussex border, has said its Â£160,000 rent is untenable and it is technically insolvent.
It said it was unable to pay an invoice for the next three months' rent, which becomes due on Wednesday.
Members have been urged to move boats from the site as soon as possible.
Vice Commodore Trevor Spink told the 600 members he had filed a notice of intention to appoint administrators to the High Court.
He said he intended to appoint administrator White Maund directly after an extraordinary general meeting on Sunday at the clubhouse in Lamberhurst.
A sailing club based at one of the South East's largest reservoirs has said it is likely to go into administration.