The manager of Truro City Football Club has warned that players and other staff will walk unless there is a clean break with the past.
Administrators are in talks with potential buyers who must get a deal together by 5pm today to avoid being thrown out of the Football Conference.
But Lee Hodges, manager of Truro City, said that "any connection whatsoever with the old regime" would prompt a mass walkout.
The club went into administration after former chairman Kevin Heaney was declared bankrupt.
The club has until 5pm today to lodge a £50,000 bond with the Football Conference which would act as a guarantee against the expenses incurred by other teams coming to Truro.
Last Thursday it was thought Truro City would be expelled from the Football Conference but administrators negotiated a last-minute reprieve for a week.
The players met for a training session on Tuesday night and Mr Hodges said they were keen to stay with Truro if a solution could be found.
He said: "Everyone is hoping and praying that we can make a fresh start now and get the club back on track. The training session was a really good one, and nobody wants to see Truro City fold or to leave the club if at all possible.
"But I'm bound to say that it was also made very clear - as I'm sure is well known anyway - that if it emerges that a prospective new owner has any connection whatsoever with the old regime, then we will all be walking and seeking a fresh start elsewhere."
Mr Hodges and the Truro City players have earned huge respect from fans for sticking with the club through such a difficult period - sometimes not being paid for months.
The administrators are understood to be dealing with two potential purchasers with negotiations concentrating on agreements with the club's creditors and a lease on the Treyew Road ground.