Board-members of The Club board and Coledale RSL Sub-Branch members met separately on Monday night to each respectively discuss how they would handle the operating of the building moving forward.

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Warrick Try, the manager of The Club, was feeling "positive" as they were now in talks with three other multimillion-dollar entities in a bid to pull them out of a deep financial hole.

But a merger would mean selling the iconic building on Lawrence Hargrave Drive.

"The amalgamation is not all that attractive from incoming clubs unless they can gain the real estate from the sub-branch," he said.

"If there's no club there it will very rapidly fall into a big hole."

Mr Try has said unless they raised at least $20,000 by the end of September to pay mounting bills, the venue would be forced to close and staff out of jobs.

A spokesperson for the sub-branch (who own the building) said Mr Try also attended their meeting on Monday, though they have asked him to put his proposals in writing.

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The spokesman said the sub-branch was still of the stance of not wanting to sell their valuable asset.

They were also continuing to engage with expressions of interest for another food and beverage outlet to move into their building, if the current tenant moves on.

Previously, the Coledale RSL Sub-Branch secretary James Gatley had told the Mercury they were opposed to amalgamation as they wanted to keep building for the community and not developed.

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