Sligo Rovers admitted this morning that if "substantial funds" are not raised by the end of next month the club will cease to exist.
The news came after an emergency general meeting last night at which "open and frank" discussions were held between shareholders and the board of directors.
The ideas of a members syndicate and/or a share capital drive were mooted as options to raise money.
A special general meeting will be held in the next four weeks to assess the progress of fundraising.
Rovers need €130,000 to maintain a professional club structure at the Showgrounds.
Following the departure of Anto Murphy to Bohemians and Jamie McKenzie to Apollen Limassol there are just 14 contracted players at the club.
A statement released this morning read: "Existing members can buy a new share or if you don't have one, this (is) a chance to buy one, and the members present (at the meeting) and the wider football community in Sligo, were asked to help in these ventures.
"Because it is a matter of fact that if Sligo Rovers Football Club do not raise substantial funds by the end of August 2008 the club will no longer exist in football."
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