A commercial plan to dig the club out of its deep financial troubles was put before a meeting of about 300 people at the weekend.

The plan, which has less than three weeks to be implemented, is calling on members and others to donate or invest to first save the club then to kick-start a profitable future.

"I'm optimistic it can be done in such a short time but only if we get community support," said financial consultant, Eleanor Howard, who has been called in to help save the club. "Survival ultimately depends on the improving the club's financial management and diversifying its facilities, which include the pool, auditorium and bistro."

Last month Hall Chadwick was appointed as voluntary administrator to deal with debts amounting to $900,000.

The club, which has 2000 members, operated from a building owned by the Port Kembla RSL sub-branch.

The two are separate entities but the sub-branch has been locked out of its offices and could no long fulfil its volunteer welfare obligations, the meeting heard.

Sub-branch vice president, Terry Wetherall said yesterday he also believed the time allowed by creditors would be enough to implement the rescue package.

"The club's profitability has been in decline for a number of years, in part due to poor management," he said. "The rescue plan is a good one because it includes a proposal for a management structure to ensure that doesn't happen again.

"The community has to realise if there's anything to be derived from this, it will have to contribute financially."

Mr Wetherall said a number of people who attended the meeting had indicated interest in contributing but this would be finalised at another meeting this Saturday at the Port Kembla Leagues Club at 11am.

"Primarily we need to get the rescue plan into place urgently, otherwise the administrators will take the club into liquidation," Mr Wetherall said.