Southend United have turned down an offer to buy the club from an unnamed consortium, reports BBC Essex.
The Shrimpers owe nearly £700,000 in unpaid taxes and, if they go into administration, will be docked 10 points by the Football League.
They still face a high court hearing on Wednesday, when they could be placed into administration.
But Shrimpers chairman Ron Martin has turned down the offer from a group of local businessmen.
Southend are understood to have overall debts of £2.1m.
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