Stroud Town Council has lodged an Expression of Interest for the Subscription Rooms to delay any possible sale.
Town Mayor Kevin Cranston said the move would give other local groups time to come forward with business plans for keeping the Sub Rooms open.
But he stressed that the Town Council could not take over the Sub Rooms as they are.
“We are very keen to see them stay. We are helping several groups put together their plans and, where possible, cooperate to produce something that financially workable, appeals to all ages and interests and will give the Sub Rooms an exciting and sustainable future,” he said.
“But the Town Council has neither the resources or the expertise to take over the venue on its own. Our role is to enable a viable solution to be found.”
Stroud District Council, which owns and runs the venue, revealed that the Sub Rooms’ future is under review following cuts in government funding.
It is considering three options: retain the venue as it is within Stroud District Council, disposing of the freehold or offer a leasehold interest in the venue or closure and selling the venue on the open market.
Groups have until April 12 to file an Expression of interest of taking over the Sub Rooms. Detailed bids must be submitted to the District Council by the end of August.
A possible decision on the future of the venue is likely to be in November/December.
On the weekend, more than 200 people formed a human ring around the Sub Rooms as a symbol of the campaign to support the venue.
It was led by the newly-formed Support Our Subs group to celebrate all that is great about the arts hub and make sure it remains a publically-owned amenity for the town and wider district.