Included in the deal will be a clause allowing the club to buy the ground back if they can raise enough funds in the future.
But the club's supporters trust, Community Mutual, who can vetoe the deal are against the deal.
Phillips warned: "If the CM decide to vote against then the position of everybody on the board becomes untenable.
"There is no dispute within the board that this deal is right for the club, if the CM decide they are against refinancing then they will have to take responsibility for their decision.
"They have a great deal of power now, and with power comes responsibility."