The Lewes board have warned that the Blue Square Premier club is on course for adminstration "in the near future".
A scheme to find 100 individuals or businesses to raise £5000 each has failed to yield sufficient funds.
The board put Lewes up for sale last month, and are now willing to sell at a price of £150,000.
A statement read: "Unless sufficient pledges come forward immediately, there is a reasonable chance [we] will have to consider entering administration."
The board are making one last attempt to raise funds before any sale.
The statement goes on: "The club, for the final time, is appealing for 30 businesses or individuals to come forward to invest £5,000 in exchange for one share each in the club.
"The board have collectively written off £300,000 of debt, and are prepared to freeze an unsecured interest free loan of £235,000.
"Repayment terms would be discussed and structured with the new shareholders.
"The board of directors propose to resign in order to allow the new shareholders to nominate a new board.
"All positions in the club would then be available to be decided by the new board."
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