Faced with impending bankruptcy and extinction, debt-ridden Spanish football club Real Oviedo has discovered a precious asset that may yet save it from doom: the loyalty of its fans.

Oviedo needs to raise some ?2 million ($2.5 million) by Nov. 17 to stave off legal writs that would force its dissolution, a sad end to 86 years of sporting history.

The club, founded in 1926, opted for a last-ditch tactic, to issue new shares at a cut-price of ?10.75 ($13.74) - down from ?60 ($77) asked per share at its first offering 20 years ago.

So far, more than ?1 million has been collected, club president Toni Fidalgo has told fans.