Administrators have confirmed Gretna FC will fold at the end of the season if a buyer is not found for the club.
The Scottish Premier League team went into administration in March with debts of about £4m.
After a creditors meeting in the town administrators said it had been decided to let the side continue to play its remaining fixtures.
However, if no deal can be done to take over the club by a 17 May deadline then it will go out of business.
David Elliot of administrators Wilson Field Ltd said there were still four potential buyers.
'Remain hopeful'
"The proposal is that we continue to trade and allow the club to continue to play football until the end of the season while we seek a buyer," he said.
"We have got four interested parties and I would like to remain hopeful that one will come through before the end of the season."
Gretna's final league match is on 13 May, but Mr Elliot said they would remain "in funds" until four days after that.
"At that point, to be quite frank with you, we stop," he said.
He added that if no buyer could be found then the remaining 40 staff at the club would be made redundant.
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