A row has erupted between Wrexham and the club's Supporters Trust about the Wrexham Village project on land surrounding the Racecourse Ground.
The £40m proposal is to rebuild the Kop stand and create accommodation for 800 Glyndwr University students in a bid to clear the club's estimated £4m debt.
"Our concern is the element of risk to the club if the development encounters any difficulties," said the Trust.
The Wrexham board replied, accusing the Trust of "trying to destroy our club".
The Wrexham Supporters Trust are worried that the Wrexham board will use the 127-year-old club, Wales' oldest football club who now play in the Blue Square Premier, as security against the redevelopment.
Nick Stockdale, chairman of the 600-member WST, wrote an open letter to Wrexham director Paul Retout highlighting the Trust's concerns.
It is further evidence of the Trust's relentless plan to derail the planning application, mislead our fans and ultimately destroy our football club
A statement from Wrexham's board of directors
Stockdale wrote: "In an interview you state the following 'Wrexham Village will own Wrexham Football Club 2006 Ltd - will be owed 100% by Wrexham village and it is a classic structure.
"This has caused us some confusion and also some concern.
"You will be very aware of the recent history of Telford United. This club was owned by a development company that went bankrupt.
"As a 100% owned subsidiary of the building company, the football club was liquidated. The club was reborn [as AFC Telford United] and is now owned by its supporters.
"As you will no doubt appreciate, the long-term security of the club is of fundamental concern to the supporters of the club.
"We would hope that there is some mechanism already in place to ensure that the club and ground are ring-fenced from any potential problems with the development.
"A Telford-type scenario would be devastating to the club, its supporters and the town."
Wrexham's board of directors issued a collective response on the club's official website and hit out at the "lack of factual information that the WST puts into the public domain."
"We are currently working with the legal team at Wrexham borough council in finalising a comprehensive legal agreement," said a joint statement.
"That includes a new new stand at the Kop end, repayment of all the club's debts, the provision of substantial working capital to the club and protection of the long-term future of the club and the Racecourse Ground.
"We understand that this legal agreement is outside and more comprehensive and stringent than would be required for most planning applications.
"Once again we are concerned at the lack of factual information that the WST puts into the public domain.
"It is further evidence of their relentless plan to derail the planning application, mislead our fans and ultimately destroy our football club."
This is the latest off-the-field distraction Wrexham's fans have been forced to endure since the controversial reign of former owner Alex Hamilton.
The club went into administration in December 2004 with debts of £4m and Hamilton's troubled reign continued until August 2006 when a consortium led by local businessman Neville Dickens took over and brought the club out of administration.
Wrexham's turbulent off-the-field concerns, which show no sign of abating, took its toll on the team last season when the club lost its Football League status after 88 years.
Travel agent Geoff Moss was part of the consortium buy-out and in the summer of 2008 Moss then bought Dickens' 50% shareholding to give him a controlling interest in the club.
Wrexham's bid for an immediate return to the Football League is looking increasingly unlikely following their 1-0 defeat by Kidderminster on Monday.
The Dragons have dropped to 10th place and are seven points outside the Blue Square Premier play-off zone.
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