Bristol Rugby chief executive Steve Gorvett has revealed the club needs about £2.5m in extra funding to survive in the Premiership.
The club already operates at a £1m annual loss and expects further losses because of the current economic climate and a 20% drop in attendances.
"By raising public awareness that we are looking for investment, a new group may come forward," said Gorvett.
"Our over-riding interest is securing the best future for Bristol."
He added: "If we want to compete at the top end of the league and bring Heineken Cup rugby here again, we need to have the funding in place.
"We are talking to several groups about new funding, including some of our current investors, but in simple terms we need to find an additional £2m-£2.5m a year to compete."
Bristol spend £1m less than other clubs on their playing squad with the Premiership salary cap increasing from £3m to £4m this season.
The club secured their first Premiership win of the season on Sunday, beating Northampton 14-13.
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