Port Vale chairman Bill Bratt has said he has taken the Valiants as far as he can and that he would sell the club if the right offer is made.
He told BBC Radio Stoke: "We are looking for new investment in whatever form in may come in.
"The whole board would go if there is someone out there who would want to take the club on."
The Vale board have come under fire from a section of the club's fans since the sacking of manager Lee Sinnott.
There have also been some rumours of division between the nine directors at Vale Park, and Bratt has called for unity in the boardroom.
"Everyone has to pull together," he said. "The board, the management and the supporters.
"The only way to get out of trouble if for everyone to work together."
Bratt's Valiant 2001 group took over at Vale Park in 2003 after the Burslem club had been placed in administration.
"As a club, we have gone backwards," he said. "Football is all about getting results and we haven't been doing that.
"It's a dire situation at the moment but we are determined to put it right."
However, despite a run of form that has seen the Valiants plunge from relegation in May to 18th in League Two, Bratt believes they still have the potential to be a Championship club.
"We have a Championship ground and I believe we are at least a Championship club," he said.
"In the time we have been in charge we have improved things off the pitch but since being relegated from what is now the Championship in 2000 we have gone backwards on the pitch."
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