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Hearts director Sergejus Fedotovas has warned fans the club faces dramatic cutbacks if they do not buy into the new share issue.
The Edinburgh outfit this week launched a share issue, making more than 16 million shares available to supporters at 11p per share in a bid to raise £1.79million, or 10% of the club.
Hearts' financial predicament could be exacerbated by a tax demand for £1.75million which could have drastic consequences for the future of the Jambos.
Fedotovas told several Sunday newspapers: "If this strategy fails the club will be faced with a tough financial reality. The answer to that would be another dramatic cut in costs.
"We have brought in new sponsors and are making savings, but we have exhausted all possibilities available. There is instability in the revenue streams, we do not have any assurances the club will get money on time.
"The share issue is a signal and an alarm to the people who are truly concerned about the club.
"We are asking the wider society to step up otherwise we will be left with no other solution than cutting costs and I don't think anyone will be happy with a weak team and poor results.
"If we want to maintain a club that has aims to play at the high level we can't just cut, cut, cut."
Hearts are under a transfer embargo until Christmas after failing to pay staff and players their wages on time.
Fedotovas added: "If this initiative is successful we will be inclined to work towards fan ownership. There would need to be more consultations about how a transition would happen.
"The current level of debt is down 30 per cent on the previous year. But I understand that the debt question is important."