Merthyr Tydfil are "optimistic" that Saturday's Southern League Premier match with Corby Town at Penydarren Park will go ahead.
Baliffs are due on Friday over unpaid council rates, the electricity is set to be cut off and the water has already been cut off.
The club has crippling debts and needs to raise £50,000 by 0900 GMT on Friday.
But BBC Wales understands that it would not definitely mean the end if they do not reach that amount by then.
Owner Wyn Holloway says he has no more money to put in to Merthyr and the supporters club have made an urgent appeal to help keep the football club afloat.
"To lose such a massive club would have an absolutely devastating effect," a statement from the supporters club said.
"It would be a devastating blow not just to the club and its loyal and hard working supporters, but to the town and the wider community in Wales and beyond to lose one of the most famous sides in non-league football history.
"The players have shown a breathtaking level of loyalty and to see these people's hard work fall through would be a disaster for all concerned."
The ground has hosted football for 100 years and has been home to Merthyr since their inception in 1945.
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