If local ownership is not secured in nine days for the P.E.I. Rocket the team will be sold to the Quebec Major Junior Hockey League.
The current owners, the Savard family, have lost about $1.5 million since the team came to the Island in 2003, and are looking for other people to invest in the team to share the risk.
Willy Palov, who covers the Q league for the Chronicle Herald, said the Rocket is one of few teams in the league not in the black.
"I believe most of the other teams are at least breaking even and certainly the big market teams are making money," said Palov.
"That may be why they're putting such a short time frame on it, just to add some pressure to the situation."
The Acadie Bathurst Titan, which was in an even worse financial situation than the Rocket, was recently sold to a local ownership group. The team went from a single owner to a group of around 25 local businesspeople who each invested about $150,000 to buy a stake in the team.
Recent sales of teams in the league have been around $3.5 million.