Inverness Caledonian Thistle remain in talks with several parties to save the club – but administration is the “most likely” option, according to interim chair Scott Young.
The Scottish League One side need £200,000 by next Wednesday to see out the month – with over £70,000 raised so far by a crowdfunding page launched last Thursday.
Manager Duncan Ferguson has donated his wages to that fund and is working for free.
However, Caley Thistle also need between £1.4m to £1.6m to continue until the end of this season.
At a special meeting attended by 200 shareholders and fans at the Caledonian Stadium on Monday, it was revealed there had been interest from investors in the United States, Denmark and the UAE – with the board exploring all routes to prevent the club from entering administration.
If Inverness were placed into administration next week, there would be a 15-point punishment from the SPFL.
The club were relegated from the Championship in the summer and are second-bottom in League One – just three points off 10th spot.
It was also acknowledged the club would move to part-time football should they drop into League Two, as a result of potential administration and the subsequent 15-point deduction.
Ferguson, who took a pay cut in August, said last week: “I felt it would be appropriate for myself to offer my wage into that pot.
“Obviously I can’t go without a wage forever because I have got to put food on the table, but at the moment needs must.
“I’ve done my bit. I’ve given up that wage and I’m still working for the club. I’m making sacrifices.”
Ferguson, who played for Dundee United, Rangers, Everton and Newcastle United, joined Inverness last September following the sacking of Billy Dodds.