Port Vale chairman Bill Bratt fears the club could go to the wall if fans do not invest £200,000 by the end of December.
The Valiants' perilous financial situation has worsened after the shock FA Cup exit at the hands of Scarborough.
That prompted Bratt to introduce a Friday deadline for potential investors to come forward.
Two parties have formally approached the club with bids to take a controlling interest.
But Bratt - who last year led a successful takeover of the club by supporters' consortium Valiant 2001 - insists the club's future is in doubt if they are forced to sell a majority shareholding.
He said: "We are on the cliff's edge. We need supporters to come forward and buy shares in the club so we can keep control.
"I believe there's a possibility the club could go if we are forced to sell over 50 per cent of the shares.
"If we can raise this money in the short term we can negotiate with the investors as equal partners rather than it needing to be a takeover."
If the club cannot raise the funds from fans' investment and decide against selling a majority share the likelihood is they would be forced into administration early in the new year.
The Valiants' perilous financial situation has worsened after the shock FA Cup exit at the hands of Scarborough.
That prompted Bratt to introduce a Friday deadline for potential investors to come forward.
Two parties have formally approached the club with bids to take a controlling interest.
But Bratt - who last year led a successful takeover of the club by supporters' consortium Valiant 2001 - insists the club's future is in doubt if they are forced to sell a majority shareholding.
He said: "We are on the cliff's edge. We need supporters to come forward and buy shares in the club so we can keep control.
"I believe there's a possibility the club could go if we are forced to sell over 50 per cent of the shares.
"If we can raise this money in the short term we can negotiate with the investors as equal partners rather than it needing to be a takeover."
If the club cannot raise the funds from fans' investment and decide against selling a majority share the likelihood is they would be forced into administration early in the new year.