BEFORE an administrator is appointed to oversee operations at the Coffs Harbour Deep Sea Fishing Club, approval is needed from the Independent Office of Liquor and Gaming to allow that course of action.
Club directors voted this week to make the application after enduring difficult conditions for the past five years with consecutive losses over that period.
The latest annual report issued by the club shows losses over the past two financial years totalling more than $800,000.
Despite the decision to try and appoint an administrator, club president Bill Mabey is predicting a bright future for the iconic club.
"We're open as normal and fishing and other events are planned to proceed, including this weekend's annual Mackerel Shootout," Mr Mabey said.
The club's directors have taken steps to improve the club's accounting and cash handling systems among other initiatives to improve the club's financial position.
Mr Mabey said the initiatives are creating improved performance, but help is required to secure the club's future for both members and suppliers.
"Over the past 12 months, the current board has worked hard to try and drive change and reverse this trend," he said.
"Unfortunately, we've been unable to bring about the level of change required to get the club back on track without some external intervention."
Earlier this week, the Coffs Coast grapevine suggested the Deep Sea Fishing Club was set to follow the path of Club Coffs on West High and close its doors.
"Unfortunately, the timing is lousy because everyone has seen Club Coffs closing, but that's not our situation," the club president said.