Nuneaton Borough supporters plan to start again further down the non-league pyramid, following the collapse of the existing club.
Financially-challenged Borough withdrew from the Southern League Premier Division Central on 18 January, three months on from being evicted from their home in the town at Liberty Way.
There had been hopes of a rescue takeover by two Birmingham businessmen.
But they have withdrawn their interest after a supporter consortium emerged.
The Nuneaton Borough Supporters Co-Operative met on Monday night, and have now released a statement outlining a plan to ally with several local businesses and educational organisations to set up as a Community Interest Company, ensuring that any money raised stays within the club and the community.
National League North side Chester, the phoenix club from a former Football League outfit, operate under a similar fan-owned structure.
The club has been working directly with Andy Walsh of the Football Supporters' Association - but face a deadline of 1 March if they are to be allowed to enter the league system for the 2024-25 season.
The fans' plan was set up as a counter-proposal to a project outlined by Gary Holliday and Stephen Harris, two Birmingham businessmen with no connection to Nuneaton, who proposed to start a new phoenix club at a fans' meeting on 31 January.
The Borough supporters were keen to avoid a repeat of the situation with former Football League side Bury, where two different phoenix clubs were created after their expulsion by the EFL.
But the Holliday and Harris proposal has now been abandoned.
The pair issued a statement, saying: "We said we would never split the supporter base and ask them to pick a side which, if me and Gary continue, is exactly what we would be asking you to do.
"The town deserves a lot more than to go down that route after everything it's faced."
What happens to the existing club?
The Nuneaton Borough that began the season as Boro Leisure Ltd is still facing liquidation, having said that it faced "insurmountable challenges in maintaining operations" and was unable to continue trading.
Hopes of a takeover quickly faded - and there are now no listed directors to start insolvency proceedings.
It is now expected to be wound up by His Majesty's Revenue & Customs.
The club was also formed by supporters as a phoenix outfit in 2008 after the original incarnation of Nuneaton Borough was liquidated.
They reformed initially as Nuneaton Town, only for the 'Borough' part of the club's old name to be reinstated in 2018.