Weymouth are set to enter administration if they fail to raise sufficient funds by Wednesday.
The Terras board need to raise £50,000 by Wednesday evening to stave off its most aggressive creditors.
Director Ian Ridley told BBC Radio Solent: "We have a mountain of debt that we are chipping away at, but not as fast as we would like to."
The club are looking for 100 donations of £500 in the 'Terras Saviour 100' scheme to raise the cash.
On Monday lunchtime less than half of the target fund had been achieved. It means a further £25,000 must be raised before the deadline.
Ridley also explained why Weymouth have avoided going into administration so far.
He said: "We still own the Wessex Stadium but we don't own the land. If we go into administration then that stadium reverts to the people that own the land around it and we lose our final asset and we clearly don't want to do that."
Anyone wishing to sign up as a Terras Saviour 100 member should contact the club.
A board meeting will convene at the Wessex Stadium on Wednesday night to decide if the club enter administration.
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