TrustSTFC chairman Paul Davis warns it will take more than vague promises from Swindon Town's board to reassure supporters their club is safe.
He believes fans will be sceptical until any takeover deal is finally completed and the club's outstanding debts have been paid in full.
He said: "If the club has secured a stay of execution from the Inland Revenue on the basis of dealing with yet another new investor, then that is to be welcomed.
"If the immediate threat from our club has been removed then all Town fans will be pleased about that.
"But there will be a lot of people that greet this new statement with more scepticism than it deserves because we were all told, on the club's website, that the deal with BEST Holdings was completed. That turned out to be premature.
"I'm no more certain they (the board) can do a deal with a new mystery investor than they could with BEST."
With more fans' protests scheduled for before and after Saturday's League One match with Tranmere Rovers, Davis knows opinions among Town fans will be divided.
Police have warned supporters not to invade the pitch as discussed at Monday's emergency fans' forum, but Davis believes some protests could still go ahead.
He said: "We have received police advice that a pitch invasion is unacceptable and therefore the Trust cannot condone any action that is illegal. I would urge all Town fans not to follow that course of action.
"We are in ongoing discussions about the possibility of a symbolic march and protest at the Magic Roundabout, and we will review these actions in the light of the club's statement and further advice from the police.
"If any protest did take place it must be peaceful and it must be within the bounds of the law."
Davis has also repeated his insistence that it would take copies of CVA receipts or signed contracts from lawyers to convince him any takeover has been finalised.
In the light of any hard evidence, he believes fans will continue to be sceptical about any official announcements from the football club.
"There is not enough information to conclude that this is anything other than a temporary stay of execution," Davis said.
"We now need to consult as widely as possible before deciding what course of action to take next.
"In the meantime I would urge everyone in Swindon, not just fans of the football club, to turn up on Saturday and give Paul Sturrock and the team the support they fully deserve."
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