Grimsby chairman John Fenty insists going into administration will be a last resort for the debt-ridden club.
Fenty believes Grimsby will be not have to cull their squad
The League Two side still owe £720,000 in unpaid tax, but hope to resubmit a payment plan to the Inland Revenue after their first plan was rejected.
Fenty said: "The objective is to repay our debts and then to progress in a stable manner.
"If it came to it, then administration would be an option but that is far from our thoughts at the moment."
Wrexham became the first Football League club to recieve a 10-point penalty forgoing into administration last month, but Fenty hopes the board and the club's Supporters' Trust can avoid taking that route.
"We submitted a proposal in October 2004 to the Inland Revenue with regard tohow we planned to manage the debt.
"They then got in touch with us on 22 December and informed us that theywould not be accepting our offer.
"We are now working on going back to them with more proposals on the debtmanagement and that is where the fans can help us by coming down and supportingthe team on match days.
But Fenty quelled fears that manager Russ Slade may have to cull his squad inorder to help the club, who are currently 16th in the table and just 12 points clear of the relegation zone, raise much-needed cash.
"Apart from this debt that we have hanging over us we are a very stable club," he added. "We will definitely not be selling any of our players.
"This debt does not mean that we have to make any alterations to our squad.The manager is comfortable with the situation."