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Rotherham United face immediate closure following an ultimatum from the Millmoor landlords, the Booth family.
They have threatened court action to prevent the sale of the club unless their existing privileges are retained.
Rotherham United's chief operating officer Paul Douglas has told BBC Radio Sheffield their terms are scaring off new owners.
He said: "It could spell the end, we're certainly not in a position to go to court and take on a wealthy landlord."
A billionaire Russian businessman has already withdrawn his bid to buy the club because of the Booth's perks, which include tickets to the FA Cup final, VIP access to home and away games and free use of the club physio up to three times a week.
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606: DEBATE
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The bid was one of five made to buy the club and believed to be one of two shortlisted by administrator Jeremy Bleazard for preferred bidder status.
Douglas says the situation has to be resolved for the future of Rotherham United.
"Unless there is a change of heart and some conversations happening soon then it does spell the end, not to mention any bidder must be thinking 'do I really need all this?'," he added.
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