(CNN) -- In an age when Russian oligarchs and Arab Sheikhs spend billions of dollars on forging the perfect dream team, fan ownership has become a novelty for many of Europe's top soccer clubs. But it is a route that might just be the salvation of struggling Spanish team Real Oviedo, thanks to a social media campaign that has gone viral. Once a top-flight contender with La Liga heavyweights Real Madrid and Barcelona, the 86-year-old club -- based in the northern mining region of Asturias -- has until Saturday to raise €1.9 million ($2.4 million) or face extinction. So far Oviedo has received over €1 million in a period of just nine days -- with €274,000 coming from those who heard about it via Twitter, according to board member Juan Ramon. There is a Twitter hashtag set up -- #saverealoviedo.
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Real Oviedo's story has become an instant Twitter sensation as football fans snap up shares
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Now in the third tier, Real Oviedo developed players like Juan Mata, Santi Cazorla and Michu
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Club received over €1 million in just nine days, with €274,000 of that from people from Twitter
Spanish
Substantial investment has been hard to find as the @placeholder government grapples with harsh austerity measures and chronic unemployment.
Asturias
"The financial target is quite modest in football terms ... but serious investment for the club is very hard to find, particularly in a place like @placeholder," Lowe said.
La Liga
After 13 consecutive seasons in @placeholder, Oviedo dropped to the second division in 2001.