The club is �2.5m in debt

The club is heavily in debt and the players' wage bill and other expenses are due to be paid.

They originally set a Friday deadline, but say they have only raised a third of the money needed.

The question now is whether the players will walk out on the club if they are not paid.

A new three-man board, which includes two members of the club's Supporters Trust, said the scheme had brought a good response, but it was still short of the target.

I'm not convinced it would be the end of the club.... but it would put us in an uncomfortable position Ian Huxham, Exeter City director

Exeter City is about �2.5m in debt and more money is needed, otherwise it will either go into administration or receivership.

The new board, Supporters' Trust chairman Ian Huxham, chief executive Terry Pavey and Julian Tagg, took over from chairman John Russell and vice-chairman Mike Lewis on Thursday, 22 May.

The new board followed City's relegation from Division Three to the Nationwide Conference and the recent arrest of Mr Russell and Mr Lewis following complaints of financial irregularities.

Claims denied

They have been bailed to report back to Exeter Police in September.

Both strenuously deny the claims and Mr Russell described the arrests as "an absolute joke".

Ian Huxham said he was doing everything he could to meet Exeter's target to raise �100,000.

He told BBC Devon: "I'm not convinced it would be the end of the club if we failed to raise the �100,000, but it would put us in an uncomfortable position."