Kidderminster Harriers' board of directors plan to meet with experts on Wednesday to determine the next step for the cash-strapped club.
The club have confirmed players and staff have not been paid this month as a result of their financial problems.
Businessman Chris Swan had been in talks about a possible takeover of Harriers but pulled out on Thursday.
The board and the club's supporters trust have been exploring other avenues but both admit time is running out.
In their statement the Harriers board confirmed they would be seeking professional advice as to the next step.
We are still very hopeful the football club can stave off administration and we can keep on moving forward
Kidderminster Harriers Independent Supporters Trust committee member Karl Davies
It read: "In light of Mr Chris Swan's announcement that he no longer wishes to continue with his interest of taking over the football club, the board of directors are due to meet with legal and financial advisors on Wednesday, 9 February 2011.
"No further comment will be made by the Football Club until those meetings are concluded."
Despite the problems, Independent Supporters Trust committee member Karl Davies told BBC Hereford & Worcester he was still upbeat about the club's survival chances.
"It will be clearer after Wednesday but the Independent Supporters Trust are speaking with the board of directors and we are monitoring the situation," he said.
"We are still very hopeful the football club can stave off administration and we can keep on moving forward."
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