They insist it is a legacy of the collapse of ITV Digital, and claim that the club is otherwise well-run.
A fighting fund has been launched in partnership with the Cods' Supporters Trust, but chairman Fenty is pinning his hope on more fans coming through the rusty gates of Blundell Park for home games.
He said: "The objective is to repay our debts and then to progress in a stable manner. If it came to it then administration would be an option but that is far from our thoughts at the moment.
"We submitted a proposal in October 2004 to the Inland Revenue with regard to how we planned to manage the debt.
"They then got in touch with us on December 22 and informed us that they would not be accepting our offer.
"We are now working on going back to them with more proposals on the debt management and that is where the fans can help us by coming down and supporting the team on match days.
"The fans have been fantastic towards us. However, we are asking them to bring everyone they know down to our games.
"We have nine home games remaining this season and we are asking them to bring people they know, people who used to watch us in years gone by and bring them down to the games.
"We are starting a campaign to add an extra 1,000 people to every home gate between now and the end of the season. That will be 1,000 more than we budgeted for."
Fenty also insisted that Codfather Russell Slade will not be forced to sell off his players to raise funds.
He added: "Apart from this debt that we have hanging over us we are a very stable club. We will definitely not be selling any of our players.
"This debt does not mean that we have to make any alterations to our squad. The manager is comfortable with the situation."