Gordon Brown is backing the fans' campaign

Fears arose after former chairman Alex Penman pulled out of the consortium trying to take over the club from current owners West City Development.

Reclaim the Rovers spokesman James Proctor admitted to disappointment.

But he told BBC Sport: "It is entirely wrong to portray this as a shattering blow. Other realistic options are being actively explored."

West City Developments director Colin McGowan has threatened to sell the Kirkcaldy club's Stark's Park ground for housing unless a takeover is completed soon.

We are not going to be deterred from reaching our goal Reclaim the Rovers spokesman James Proctor

Chancellor Gordon Brown is one of a number of high-profile Rovers fans to offer support to the takeover campaign along with current team manager Gordon Dalziel.

And Reclaim the Rovers says it has met a fund-raising target �100,000 that will ensure supporters will be represented on the board if a community buy-out is successful.

"We are still confident that we can put together a package which will allow us to secure the long-term future of the club," said Proctor.

"No-one within the campaign is downhearted and we agreed on Monday to continue to work in the positive spirit that has so far helped the fans raise over �100,000.

"We have achieved so much in the last few months that we are not going to be deterred from reaching our goal."

Rovers were relegated from Division One last season, with the takeover campaign complaining that West City Developments was no longer willing to fund cash shortfalls.