The Blackpool Supporters Trust (BST) has made a £16m bid to buy the League One club from the Oyston family.
Club owner Owen Oyston has controlled the club since 1988 and his son Karl is the current chairman of the Tangerines.
Protests over the ownership have increased in the past two seasons and supporters have had heated exchanges with Karl in particular over the club's drop down from the Premier League to League One in four years.
In a statement, BST said: "BST has prepared what it deems a fair and reasonable bid, which in the current climate deserves serious consideration.
"There is a range of serious challenges currently facing the club and a change in ownership is a logical step to help resolve the issues for all parties.
"BST believes that, under the current ownership, the club cannot return to its former glories and that a more likely scenario is ongoing poor performance on the football pitch, leading to knock-on impact on financial performance."
As well as being fined £40,000 and banned from football activity for six weeks earlier this year, Karl Oyston was recently warned by police after a fan accused him of brandishing a shotgun.
