That is because outgoing promoter Peter Waite has revealed this week that so far he has received no 'serious' offers for the club.
And he said that if there were no further developments by midnight on Wednesday he would have no option but to bring the shutters down at Shielfield Park.
"The situation is now critical," said Waite, who put the Bandits up for sale last month after 10 years in charge.
"I have had a couple of tentative enquiries but nothing concrete has been offered and I now genuinely fear the worst.
"I have a fear people are sitting back and thinking I'm playing a publicity game, that there's a new promoter sitting there waiting to be revealed as the saviour of Berwick Speedway, but I can categorically say now there is nothing of the sort and if things do not change by midnight Wednesday I will go to the British Speedway Promoters' Association on Thursday at their AGM and tell them Berwick Bandits will not be a part of the 2009 speedway scene."
Waite said he was annoyed and angry that some people thought he was pulling 'a publicity stunt' in order to rekindle interest.
"If that is the case it could be putting off any potential buyers," he said.
Berwick Speedway has been part of the local sporting scene for over four decades. It was in May 1968 that the bikes first roared into action at Shielfield Park, under the then ownership of Danny and Elizabeth Taylor.
Experts at the time said the club would not last 'more than six weeks'.
"But here we are, 41 seasons later," said Waite. "The club may not be the most fashionable around, but we have always been one of the mainstays in the north.
"The club had a few years operating out at Berrington Lough, but Shielfield has always been our spiritual home, that's why it will be so sad to put the shutters up if no one comes in to take the club on.
"It will be particularly sad for me because I have been involved with the club for a long time, first of all as a fan, then as a rider, and for the past ten years as promoter."
Waite, who has just returned from a business trip to Poland, flies out to the annual conference in Spain which is due to start today (Thursday).
"I would love it if someone came forward to take the club on," he said, "but time is definitely running out and by the time some people read this it might already be too late."