WREXHAM FC administrators last night voiced concern about an 11th hour bid by businessman Andrew Smith to buy the club.
David Acland and Steve Williams expressed reservations about the Surrey developer's move on the Dragons.
And the administrators threatened legal action to restore the Racecourse freehold "for the benefit of the club and its creditors".
Mr Smith's late intervention cast doubt on efforts by fans favourites Neville Dickens and Geoff Moss to buy the League Two outfit.
The two looked close to clinching deal with controversial owner Alex Hamilton.
But Mr Hamilton revealed he has entered a lock-out agreement with businessman Mr Smith giving him three weeks to cement a deal.
Mr Smith tried to buy the Reds earlier this year but his bid collapsed.
In a statement released yesterday Mr Acland and Mr Williams said: "We have been working closely with local businessmen Neville Dickens and Geoff Moss for some time now.
"And it was understood that their negotiations had resulted in a recently revised offer to Alex Hamilton for his interest in the clubs assets which they felt merited serious consideration.
"In addition, discussions were at an advanced stage to acquire the club's assets from the administrators and plans were being formulated to make a significant offer to creditors.
"Given the difficulties of running a football club in administration, the support of messrs Dickens/Moss and their colleagues, both in terms of expertise/ services provided free of charge, plus significant financial commitments were vital in demonstrating to the Football League that the club is viable going forward into next season and beyond.
"Whilst we are disappointed that an offer, which we felt was extremely attractive, has been apparently dismissed at such a late and critical stage, we are prepared to work with any other party who can demonstrate in financial terms that they are up to the task."
But Mr Acland and Mr Williams expressed doubts over Mr Smith's bid. "Until such time as we have evidence of the agreement reached between messrs Smith/Hamilton, the amount paid for exclusivity, full details of the plans for the club and its creditors and evidence of the ability to fund those plans, we will continue to have concerns as to Mr Smith's intentions regarding the club and its assets," they said.
"We intend to continue with the legal proceedings to restore the freehold of the Racecourse Ground for the benefit of the club and its creditors."
Mr Dickens said if he and his partner were forced to wait they might end up withdrawing their offer.
Because of the uncertainty Mr Dickens said he feared players may leave, season tickets may remain unsold making a takeover non-viable.
Wrexham Supporters Trust spokesman Simon Johnson said the group was fully behind Mr Dickens and Mr Moss.
"If Andrew Smith really had the interests of the club at heart he should step aside and let Neville Dickens and Geoff Moss take over and save the club."
