The Friends of Doncaster Grand Theatre have put in a cash offer for the building - but they have so far been rejected.
The trust which has long campaigned for the restoration of the historic building, made an offer for the Trafford Way building in August but it was turned down last week by the owners, Belfast-based property company BTW Sheills.
However the Friends are still optimistic about the chances of taking over the theatre - Shiells has offered the group first refusal on the building, should it choose to sell.
Margaret Herbert, chairman of the group, said: “Naturally we’re disappointed as we have been negotiating on this for a long time and we had put in what we considered a reasonable offer.
“The price offered was on the advice of a recent survey.”
BTW Sheills had no comment.