Truro City is expected to be expelled from the Football Conference later today.
A last-minute rescue package for the 123-year-old club appears to have failed and the final deadline missed.
The Football Conference gave Truro City until 12pm today to come up with a £50,000 bond to avoid being expelled from the league.
Administrators brought in to save the club said a deal was agreed in principal last night but today they have been unable to contact the prospective purchaser.
A meeting is now taking place at the Football Conference headquarters in Birmingham which is expected to confirm Truro's expulsion.
But a man who has been involved with Truro City for 35 years insisted this was not the end of Truro City.
Chris Webb, a former chairman of the club, said he was in talks with six Truro businessmen who would be willing to step in and keep the club going if it is expelled from the Football Conference.
Mr Webb said: "It's a sad day - I'm devastated. Hopefully I can get these six people together to keep a form of Truro City going."
Mr Webb said the club would have to play in whichever league would take it. He said he had previously been in talks with the administrators but his group was unable to provide the required £50,000 bond.
He was told on Wednesday that the administrators would be pursuing a deal with another purchaser who was able to stump up the £50,000.
The West Briton revealed yesterday that leading Truro businessman Tony Murtagh could be behind the rescue package.
A company called Truro City Football Club 2012 was registered at Companies House on Wednesday with Mr Murtagh as a director.
Mr Murtagh set up the Truro-based Money Group which specialises in re-mortgages.He was unavailable for comment.
Cornwall Council previously said it was considering putting £10,000 towards the bond but Mr Moore said that plan had now been shelved.