Livingston FC face administration unless they pay their debts by 30 June.
West Lothian Council is threatening legal proceedings to recover £280,000 of outstanding rent for Almondvale Stadium from the Division One club.
And the Livi for Life Trust is hopeful of taking control should the present regime go to the wall.
But club owner Angelo Massone denies that Livingston face administration and says he is still in talks with the council to buy the ground.
Livingston currently owe around £130,000 in rent arrears and face a demand for £150,000 for their latest rental agreement, due to be paid this month.
And a senior could source told BBC Scotland: "30 June is the absolute deadline."
The same source added "The plug could be pulled earlier", depending on the evidence of the club's financial state.
It is thought that such evidence could include failure to pay wages to players on time, an accusation that has dogged Livingston all season and has led the Scottish Football League to threaten the club with relegation to Division Three.
We are monitoring the situation and are ready to offer the club a lifeline if required
Livi for Life Trust spokesman Ged Nixon
If the club pay the outstanding rent, the council would be prepared to cut the present annual rental by two-thirds, to £50,000.
The council is also prepared to sell Almondvale to the current owners but on condition that the stadium is used only for professional football.
It would also allow the stadium to be sold and split the profits with the club from the sale - but only if a new stadium was in place by the time of the sale of the current ground.
West Lothian Council is keen to retain professional football in the town.
But, asked whether the present owners could maintain the club as a going concern, the senior council source said: "Personally, I don't think they are financially credible and the 30 June is the line drawn in the sand."
Asked whether the club faced administration if they did not pay the outstanding money, Livingston owner Angelo Massone, who heads the Italian consortium that took control last summer, said: "It is not true.
"30 June is the day the option to buy the stadium expires. People are trying to cause problems.
"You are wasting your time on stories of Livingston FC. I have the option to buy the stadium by 30 June. It is in the hands of my lawyer and he is speaking to the council lawyers."
However, Livi for Life Trust is waiting in the wings should the club go into administration.
A council source said: "We would look kindly on the football trust move for the club. We would be willing to reassess the cost of the stadium. We would look favourably on it."
Trust spokesman Ged Nixon said: "The current downward spiral of the club causes us grave concern.
"We are monitoring the situation and are ready to offer the club a lifeline if required. We have spoken to Supporters Direct, who advise supporters trusts and taken advice from them on the matter."
The club could also be renamed West Lothian FC in an effort to appeal to a wider fan base in the area.
Livingston have survived administration once before, having been plunged into financial difficulties in February 2004.
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