Despite Glen's optimism, however, the ploy to buy more time is next to no chance of being approved.

"We know (the NRL) have expressed the view that they do not want to lose a foundation club. We believe that 2017 will set a different financial landscape for every NRL club and basically if we were able to hold on until then I think our longevity is assured."

"I think (the NRL) are sympathetic and we're hoping that our joint partners, Wests Ashfield, will be similarly sympathetic given our situation," Glen said.

He believes that with extra money expected to be distributed to clubs as a result of the recently signed $1.9 billion television rights deal - all clubs are set to receive bonuses of $1.5m this year and next year, and annual grants will rise significantly above the salary cap from 2018 - Balmain can survive, but only if they are permitted to tread water for another year.

The last of the NRL's payments towards Wests Tigers was made on January 31 and if Balmain were to be cleared for another year to wipe their debt it would mean Wests Ashfield having to carry the freight for the NRL team entirely without the help of head office.

An NRL spokesman said on Tuesday: "We are meeting with all the parties before we come to a final position."

The Wests side was unaware of the push for an extension to the March 31 deadline but are highly unlikely to be willing to cede a competitive advantage to rival teams by allowing a share of bonuses and grants to be channelled towards Balmain repaying their debt rather than going towards the NRL team's operating costs. Wests Tigers themselves also owe $1.5m to the NRL.

Balmain's bleak financial position - they were $11m in the red according to their most recent annual report last August - casts major doubt on whether they would be able to repay their debt to the NRL even if they were given an extra year. While the NRL grant will rise to 130 per cent of the salary cap in 2018 - meaning if the clubs' total spending limit on players is lifted to $10m as has been mooted, the grant will be $13m - there is no such significant increase next year. And the two $1.5m bonuses heading the clubs' way in 2017 and 2018 will not be straight cash handouts. Half of the money will be loans so teams can reduce their losses.

Even so, Balmain are clinging to hope of another lifeline as they also await a decision from the NSW Land and Environment Court in April on the future of the destitute Balmain Leagues Club in Rozelle.