The administrators of Plymouth Argyle say they have received a "number of offers" for the League One club.
Potential buyers were given a deadline of noon on Monday to bid, with a buyer set to be chosen by Thursday.
"I am grateful for the offers I have received but now I urgently need to secure funding," said administrator Brendan Guilfoyle.
Argyle were given a 10-point penalty after entering administration earlier in March.
That has left them bottom of the League One table, four points from safety.
Guilfoyle's preferred bid is thought to have come from James Brent, an investor with a background in property and hotels.
On Monday, Affinity Sports Finance, a group associated to former Argyle directors Sir Roy Gardner and Keith Todd, pulled out of the bidding as the "timing and requirements of the administrator would not fit in with the investors own strategy".
Since entering administration, Plymouth have made 16 staff redundant and asked season ticket holders to make a £10 donation every time they attend a home game.