Network Ten's board of directors is likely to put the struggling free-to-air broadcaster into voluntary administration after losing the support of its three billionaire shareholders, Lachlan Murdoch, Bruce Gordon and James Packer, for a new $250 million loan.

Ten's board is due to meet on Wednesday morning to canvass its options which industry observers believe will include a further suspension of sharemarket trading and a likely move to put the network into administration. KordaMentha would likely be appointed as administrator to the third-ranked metropolitan broadcaster.