ShareLiverpoolFC founder Rogan Taylor has not given up hope of buying Liverpool in a joint venture with fans' group the Spirit of Shankly.
Liverpool's American owners Tom Hicks and George Gillett received a 12-month extension on £350m worth of bank loans secured against the club last week.
But Taylor told BBC Radio Merseyside: "It's another season and it will have to be restructured again.
"It costs you a lot of money when banks do this for you."
Taylor, a football academic at the University of Liverpool, is not convinced the renegotiation of debt between the American owners, the Royal Bank of Scotland and Wachovia is a good thing.
"Debt is being added to debt and that's a deeply depressing situation for Liverpool fans," said Taylor.
The ShareLiverpoolFC - Spirit of Shankly proposal offers an opportunity to get the club on a firm basis
Taylor believes the concept of ShareLiverpoolFC, where fans would pay £500 for one share and run the club along the lines of FC Barcelona, is a viable alternative.
"The ShareLiverpoolFC - Spirit of Shankly proposal offers an opportunity to get the club on a firm basis.
"If the club was considerably less in debt and had a firm, long-term basis for paying back what debt there was in it, borrowing the money to build the stadium wouldn't be a particularly difficult issue."
Taylor's initial proposal sought Liverpool fans willing to pay £5,000 for a single share, which has since been reduced to 10% of that figure.
Questions have been raised about the viability of a fans' takeover on such a large scale but despite the doubters, Taylor is adamant it can be done.
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