Brighton chairman Dick Knight said the club face an uncertain future unless the move to the proposed new stadium at Falmer is approved.
Brighton's current home is the Withdean Stadium, which holds less than 7,000
The club announced £1.273m losses for the year to June 2004, despite selling Bobby Zamora to Spurs and receiving compensation for ex-boss Steve Coppell.
"The directors cannot keep putting their hands in their pockets," Knight told the Brighton Argus.
"The club has no future if it is not allowed to go to a decent stadium."
He added: "If there is a 'no' to Falmer the club would, at best, stumble along at Withdean for a few more years.
"It would be condemned to being a lower league club - which league I wouldn't like to say - because the losses we are having at the moment are not sustainable over time. "