It will be another month at least before the fate of Port Kembla RSL Club is decided.
Port Kembla RSL sub-branch vice-president Terry Wetherall said the window for expressions of interest in running the club closed on Monday.
Mr Wetherall said two companies had expressed interest.
One was Illawarra entertainment company Soundwaves, which had already gained support from Port Kembla RSL members at a public meeting last month.
Mr Wetherall yesterday declined to name Soundwaves' rival but confirmed that it was also an Illawarra-based company.
Sub-branch president Jim Lyon said a business had looked at the club with a view to using it as a storage facility several weeks ago. But it was not Soundwaves' rival bidder.
Mr Lyon also said a draft lease was being drawn up in preparation for any announcement of the successful bidder.
Mr Wetherall said there would be a wait of several weeks before the club could reopen.
"Probably four to five weeks, once everything's ratified," Mr Wetherall said.
"It will go to the sub-branch members and then it goes to RSL NSW for ratification."
Mr Wetherall said both bids were serious and would allow the club to "go forward".
"Both of them are capable but obviously only one will be selected," he said.
The Allan Street club, which has more than 2000 members, has been closed since May after accumulating debts of $900,000. Voluntary administrators Chadwick Hall were called in.
The sub-branch, which owns the building, began working with the community to try to find a way to raise the money.
It was unsuccessful and the club was placed in liquidation in July.
There has been interest but to date the doors remain closed.