Southern Premier League Division One South & West club Wimborne Town has warned it “could fold” after revealing debts of more than £100,000.
The announcement was made at an emergency meeting on Monday night.
Supporters of the Magpies, who play in Southern League Division One South and West, have been asked to help save the 138-year-old club.
It has recently been taken over by a consortium, with former Bournemouth and Spurs manager Harry Redknapp joining as a director.
He is expected to attend matches, give after-dinner speeches and help to raise the team’s profile.
She said: “The extent of the debt [was a surprise]. During the due diligence it became more and more evident there was more out there.
“There is a danger of the club folding, but that’s not what we want.
“I was stunned by the initial reaction last night… there were people in the room that have been supporters for 30 years.
“They were coming up with £20, £10; someone gave me a cheque for £100; someone gave me £250.”
Manager Simon Browne made a plea to his players to stick with the club in the short-term despite the playing budget likely to be axed within a couple of weeks.