The Irn-Bru First Division club have until 5pm to settle a £134,000 bill after being hit with a winding-up order from Her Majesty's Revenue and Customs.
A steering group set up in a bid to guide Dunfermline through their immediate cash shortage and build a sustainable long-term ownership structure this weekend announced it had "exhausted every avenue" in stabilising the club.
One of its members, Bob Garmory, said: "We feel it is appropriate to advise the club owner Gavin Masterton that this is the position that we find ourselves in.
"We have tried everything and run out of options. We have always said we would not go to the fans and ask for their money if there was no certainty of the long-term viability and therefore we now are advising the owner that the ball is in his court."
Dunfermline lost 4-3 to Dumbarton in front of 3,409 fans at East End Park on Saturday and are due to host Falkirk on Wednesday but there is no guarantee the game will go ahead.
Manager Jim Jefferies said: "The players and myself are just kept up to date, we are told that things are not good but there is always hope while we have the time.
"Until that time comes we are just going to live in hope that things are resolved and that this club can move forward.
"It is in danger of having to start again in a lower division. We hope that is not the case - administration is better than liquidation and if that happens you have always got the chance of saving the club.
"The powers that be or whoever comes in will decide what's going to happen. To be honest I do not know what stage we are at. One minute it is positive but the next it is negative."
- Sports & Recreation