The former bookmaker claimed that the club will "sink into the First Division" unless his proposed pounds 30m cash injection is immediately accepted. Tabor tried to win support from the club's shareholders yesterday, but West Ham's managing director, Peter Storrie, labelled his approach as "farcical".
Tabor's solicitors have been instructed to compile a list of shareholders who are prepared to support him in his efforts to improve the fortunes of the struggling Premiership club.
Storrie insists that the bid is still under consideration but believes it is not the best way forward for West Ham, with the chairman, Terry Brown, weighing up a number of other options to ease the problems at Upton Park.
The club have faced increasing criticism from disgruntled supporters after slipping to the bottom of the table as well as being knocked out of both the FA Cup and Coca-Cola Cup at the hands of Second Division sides, Wrexham and Stockport.