BBO ceased trading in October having accumulated a debt of $178,964.
BBO's members will vote whether to proceed with liquidation at a special meeting next Tuesday.
Unless the Keep Basketball in Otago group can reach an agreement with BBO's creditors, liquidation is inevitable.
However, fundraising campaigns have not gone as well as hoped. The group targeted raising $100,000 but will fall well short of that sum.
It met on Monday night to decide on its next move and has decided to press on regardless, spokeswoman Angela Ruske said.
''As a group, we've made the decision that we are going to go 100% full steam ahead,'' Ruske said.
''We'll get whatever we can raise and get an offer [to the creditors] and see how things progress with our campaign over the next few days.''
The group had pinned its hopes on an online sales promotion offering customers the chance to win a trip for two to Los Angeles to see New Zealand NBA player Steven Adams strut his stuff for Oklahoma City Thunder against the Lakers.
Sales have been disappointing and the promotion has only broken even. The pledge wall has raised $30,000 but those pledges only need to be honoured if BBO can avoid liquidation.
As it stands, Keep Basketball Otago has very little to offer the creditors but remains hopeful.
''I'd like to get a reasonable sum together but we've already had three of perhaps our bigger creditors thank us for what we are doing and indicate that they would like to see an offer.
''We are prepared to go ahead with that and do as much as we can.''
The Edgar Centre is probably BBO's biggest creditor and is owed about $67,000.
Dunedin Indoor Sports Venue Trust chairman Robin Bates has previously indicated there were other ''ways and means'' to resolve that debt, suggesting a future levy on users may be one way to recuperate the funds.
Keep Basketball in Otago will set up a kiosk at the Meridian Mall on Waitangi Day and at the Edgar Centre during the weekend for one last push.
Corporate tables for the Canterbury Rams pre-season game against an Otago selection at the Edgar Centre on February 21 will go on sale.
The game is scheduled for a 2pm start to avoid a clash with the Highlanders' opening Super rugby game later that evening.
There will also be an auction of signed sporting memorabilia after the game.
A flyer drop is also planned and there will be more knocking at the doors of local businesses.
However, community support to date had been disappointing, Ruske said.
''I thought we would have got more support from the local basketball community and perhaps the Dunedin population. But all we can do is our best.''
Should BBO liquidate, the sport will continue in the city.
The new entity will draw support from Basketball New Zealand and Sport Otago and some planning is already under way.
