Rebels face two week deadline.
Somerset promoter Andy Hewlett is still hoping for a meeting with Oak Tree Arena landlord Bill Hancock to resolve the club's future.
The Rebels could be forced to close if no new lease is secured within the next fortnight.
"We are very committed to running Somerset Speedway in 2003, but the problem exists because as of now we don't have a lease to run there," admitted Hewlett.

Somerset promoter Andy Hewlett is still hoping for a meeting with Oak Tree Arena landlord Bill Hancock to resolve the club's future.
The Rebels could be forced to close if no new lease is secured within the next fortnight.
"We are very committed to running Somerset Speedway in 2003, but the problem exists because as of now we don't have a lease to run there," admitted Hewlett.