Torquay United chairman David Phillips says he is uncertain whether the club will be taken over.
The board issued a statement at the end of November stating that they had agreed to sell the club National League club and hoped to complete business by Friday, 16 December.
Directors are holding a meeting at 14:00 GMT to discuss the plans.
“It’s up in their air at the moment,” Phillips told BBC Sport. “Things may develop as the day goes on.”
The financially-troubled club was taken over by a group of local businesspeople in June 2015 after lottery-winning former owner Thea Bristow departed.
They were forced into drastic cost-cutting measures, including axing closing its youth academy, moving out of their training ground and cutting the playing budget, while manager Kevin Nicholson has had to double-up as the team’s bus driver.
An agreement had been reached with Swindon-based Gaming International, but it collapsed in July after a deal to buy the freehold of Torquay’s Plainmoor ground from the local council could not be reached.