The Bolton Wanderers Supporters' Trust has written to Eddie Davies in an effort to buy the struggling Championship club.
Davies, Bolton's owner, has been mulling over a bid from Sports Shield consortium, led by former Trotters forward Dean Holdsworth, but no deal has yet been struck.
The BWST has now made its move, promising to "raise sufficient funding to secure the future of the club for the benefit of the supporters."
Wanderers' accounts were frozen when HM Revenue and Customs served them with a winding-up petition over £2.2 million of unpaid tax, and their trip to the High Court last week resulted in a five-week adjournment over that matter.
Bolton, who revealed their staff were not paid on time in January, are currently bottom of the Championship table, five points adrift of safety.
"We have written to the owner, Eddie Davies," read a statement on the supporters' trust website.
"We have expressed our commitment to help lead an acquisition, in conjunction with local institutions and businesses, from whom we have received a very positive response.
"Our objective is to raise sufficient funding to secure the future of the club for the benefit of the supporters, the community and the town.
"We would not engage with anyone who didn't share our commitment to a community investment."