Exeter City Football Club is facing a legal challenge from the Inland Revenue over the repayment of some of its debts.
Exeter City has agreed to pay 10% of its debts
The club had hoped that a deal agreed with the majority of its creditors over debts of about £4m had saved it from going under.
In October, club representatives met creditors and thrashed out a Corporate Voluntary Arrangement (CVA), under which those owed money will receive 10 pence in the pound, to be paid off over the next five years.
But the Inland Revenue, which is among the creditors and is owed about £350,000, is going to court to challenge the agreement.
'Level playing field'
Fans gained control of the club early in September when the Exeter City Supporters' Trust took over the majority shareholding of former club chairman Ivor Doble for an undisclosed fee.
The club was relegated from Division Three at the end of last season and is now playing in the Nationwide Conference league.
Club Chairman Ian Huxham said: "We want to get on and compete in the Conference on a level playing field, and the trust wants to get about the business of saving the club.
"Effectively, at the moment everything has been put back in the mixer and who knows exactly what's going to happen."
The Inland Revenue would not comment on the situation on the grounds that it would breach confidentiality.
But as the supporters' trust attempts to raise the cash for the 10% of debt it does have to pay, it is also now faced with having to find the money to fight the Inland Revenue in court.