A group of Newport RFC fans says the club is being overlooked in the Welsh Rugby Union's (WRU) plan to take over the Newport Gwent Dragons.
The WRU has reached "heads of agreement" for a deal which includes the purchase of Rodney Parade.
The deal must be ratified by 75% of Newport RFC shareholders, and Dragons chairman Martyn Hazell says the WRU takeover is the only viable choice.
But Friends of Newport Rugby (FONR) says there are "alternative options".
The group have urged supporters 'not to dive in' and vote yes before further guidance from the group.
A statement from the Newport RFC supporters' group said: "FONR believes that the directors are putting the needs of the regional side ahead of Newport Rugby Football Club and that there may be alternative options which will enable Newport RFC to retain most of the ground."
The Dragons say their position "has not changed" since last Wednesday's statement.
They say an extraordinary general meeting (EGM) is "likely to be held in the second week of May," while they will also host an additional open meeting for Newport RFC supporters and shareholders.
"At the moment we don't want people diving in and voting yes until all other avenues have been explored," said Kevin Jarvis, secretary of Friends of Newport rugby and Newport Shareholders.
"The deal from the Welsh Rugby Union is on the table. The board is saying it's the only option and maybe it is.
"We have to explore whether there are other options available and give people alternatives if there are other options out there."