Herefordshire Council is looking at its options regarding the future of Hereford United's leases for the club's Edgar Street stadium.
BBC Hereford and Worcester report officials are preparing a report for consideration by the council leader Tony Johnston next week.
The troubled Southern Premier club were expelled from the Conference Premier for failing to pay debts.
Edgar Street is currently closed because of safety concerns.
The council say no decision over the leases, which cover both ends of the ground and the pitch, will be made until they have spoken to the Bulls' new owner Tommy Agombar.
Although the leases were signed in February, the club's growing financial crisis has highlighted their importance as, were the club to go out of business, they would revert back to the council.
Hereford are due back in the high court on 28 July to answer their latest winding-up petition - brought by former boss Martin Foyle - after it was adjourned for a third time last week.
The Bulls are currently putting together a Companies Voluntary Arrangement in order to begin paying off their football creditors.
The Southern League, meanwhile, have confirmed to BBC Hereford and Worcester that they have chosen not to implement a transfer embargo on the club, despite their outstanding debts.