Heart of Midlothian are facing liquidation if recent offers to take over are not increased.
The Edinburgh club are currently in administration as they seek to pay back the £15million they owe to Lithuanian creditors Ukios Bankas and could eventually be liquidated according to administrator Gintaras Adomonis.
"I can repeat that we are doing everything we can to save the club functioning. However, I am obliged to protect solely the interests of Ukio Bankas and its creditors," he said.
"If no feasible offer with terms and conditions acceptable to Ukio Bankas creditors is achieved, Ukio Bankas will remain with the only solution - liquidation of Hearts of Midlothian Plc and enforcement of the standard security over Tynecastle stadium. I sincerely hope this is the way of things we still can avoid."
Adomonis added: "Hearts administrator BDO received three offers from investors, none of which were acceptable.
"Last week the potential investors presented improved offers, however, the main creditor's expectations were still not met. Ukio Bankas approved the administrator's proposal to continue negotiations with the two potential investors."