The Tigers are believed to be around £35million in debt and their recent relegation to the Championship has led to suggestions of impending administration.
The Professional Footballers' Association have been called in this week to lead negotiations with players and deputy chief executive John Bramhall is optimistic that a deal can be reached.
Reports claim that players with relegation clauses written into their contracts have been asked to take a wage cut six weeks ahead of schedule in a bid to cut costs.
"It is out there that the club have made that request and that process is ongoing as we speak," said Bramhall.
"The players are broadly in favour of looking to help and support the club moving forward.
"Within the principle of that request, the players are looking to see if they can work with the club on that basis."
Blackpool's chairman has said work will finally start on adding an East Stand to Bloomfield Road - which currently only has three stands - if the Seasiders win promotion to the Premier League.
They will take on Cardiff City in the Championship play-off final at Wembley, with the winner taking a place in the top flight of English football next season.
"We've got planning consent for a 16,000-capacity stadium so therefore, with not much tinkering, I can get on with building that and take capacity up to that mark," Karl Oyston told The Gazette.
"We are ready to build. We've always been ready as and when. It will absolutely change the club forever if we go up. It can't fail to."
Bloomfield Road has been transformed over the past decade, with new north and west stands opened in 2002 and the south stand completed earlier this year.