Plymouth Argyle's administrators are urging club stakeholders to support a buy-out bid from the Akkeron Group.
Akkeron is a hotel firm owned by James Brent, a former banker based in Devon.
Joint administrator Brendan Guilfoyle said: "Akkeron's offer will provide a better solution to all Plymouth Argyle's stakeholders than liquidation.
"Time is running out, and I would encourage everyone to engage with Akkeron in a constructive and timely manner to save Plymouth Argyle."
A statement from the administrators added they would "give Akkeron full assistance in seeking to address the conditions that they have set and would encourage stakeholders to support their offer".
Brent is a former director and senior executive of merchant bank Schroders and also held senior real estate positions with Citigroup. He is also the former chairman of the now-defunct Plymouth City Development Company.
League One strugglers Plymouth were hit with a 10-point deduction in February when they issued a notice of their intention to appoint an administrator.
They formally entered administration last month and have since asked playing and non-playing staff to defer their salaries for March and April.
On Monday, Argyle captain Romain Larrieu revealed the Professional Footballers' Association has helped with players' wages for a third time.
Brent has been linked with a move for the club ever since it went into administration and his plan is believed to involved buying Home Park and leasing it back to the club on a long-term basis.
He would then seek to redevelop the ground and surrounding land.
Last week, Truro City chairman and property developer Kevin Heaney ended his interest in taking over Argyle, effectively leaving Brent as the only realistic option.
But liquidation of the club at the end of the season remains a real possibility if a deal cannot be reached.
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