Crawley are likely to fold after creditors rejected the only offer for the club from the current owners.
A four-man creditors committee voted 2-1, with one abstention, against accepting the deal and Administrator Rob Sadler has given the club 24 hours for a renewed bid to arrive.
Former diamond dealer John Goodwin has expressed an interest in taking over the club but has refused to cover the "several hundred thousand pound" cost of rescuing the club from failure, preferring to assist fans in a new start-up club lower down the pyramid.
Meanwhile, BBC Southern Counties radio is reporting that four other bids were rejected by the Administrator as inadequate.