Leyland Motors Social and Athletic Club could be forced to sell off its historic club house building to help rescue the club which is laden with debts of more than £100,000.
Chairman David Braithwaite said an offer to buy the freehold of the site, off King Street, made by a businessman late last year, was still on the table.
He blamed the soaring costs of the art deco style building, which was closed in November, for the cash crisis.
"The club house building is a financial blackhole in terms of maintenance, heating and lighting the place," he said.
"We are seeking to retain the sporting facilities at the club, but whether that will include the building, I don't know."
Mr Braithwaite said the club's main creditor, HSBC bank, had backed off for the time being to give the club a chance of survival. The club opened in the early 1920s and in its heyday in the 1940s and 50s when Leyland Motors was thriving it boasted 20,000 members. Today it has barely more than 1,000 members who pay an annual subscription of £12.
The club is home to a Cricket team that plays in the Northern Premier Cricket League, a netball team, a bowls team, and a snooker team.
One sticking point in the sale of any land may come from Lancashire Football Association, which bought half the King Street site after Leyland DAF went into receivership in 1993.
It owns offices on the site, a football ground, an artificial pitch and a rifle range, and has first refusal were the club sold.
Derek Lewin, vice chairman of Lancs FA, said they would oppose any development on the site. He said: "We are only interested in it remaining a sporting facility, we will defend sport there because we believe it is needed."
But before any long-term decisions on the club's future can be made a new board of trustees and a full management committee is needed. Nominations for three to four trustees and up to six more members for the committee must be in by January, 19.
Voting will take place at the AGM at Farington Social Club, Stanifield Lane, Leyland, at 8pm, on January 26,
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