After selling its interest in Canberra House last year, the city's oldest licensed club has about $4 million in assets but must overcome trading losses of nearly $40,000 a month.

Several clubs have sought mergers and Yowani Country Club and the Commonwealth Club are the frontrunners.

Board members Ray Dawson and Chris Stephens called for an extraordinary meeting last week at which the wider membership resolved to defer a decision.

But Mr Reeks, who had not commented publicly on the conflict within the board until Sunday, said Mr Dawson and Mr Stephens, after pushing for action and criticising the board for moving too slowly, had in fact caused more delay.

''During the adjournment debate [on Wednesday] the concept of splitting the funds between possible merger partners was raised,'' Mr Reeks said. ''This option had previously been vigorously dismissed at board level on the basis it would fragment the history of the club, basically resulting in total disappearance of the club, and would potentially involve distributions to any club of a member's preference.''

He said such a move would also weaken the bargaining position of the Canberra Club if it reduced its offer to potential merger partners.

Mr Reeks said Mr Dawson and Mr Stephens, who sat on an eight-member board, did not agree with previous board decisions and had decided on their own agenda.

Last week Mr Stephens said he and Mr Dawson had been approached by members to have a say in determining the club's future.

Mr Reeks said he favoured a merger with Yowani Country Club. Proxy votes had indicated a low level of support for the Commonwealth Club's proposal.

But he said the debate was not a ''two-horse race. Other options could be pursued.''

He was disappointed a vote did not proceed on Wednesday because it was an opportunity for the board to gauge the level of support for the available options.

While Yowani and the Commonwealth Club have not commented, Canberra Services Club, which lost its premises to a fire in 2011, has issued a statement from president Greg Ranse, saying informal discussions with the Canberra Club began in September. ''Earlier this year I wrote to the president of the Canberra Club proposing that formal discussions be held to explore working together in a joint venture to merge our two clubs, given the Canberra Club and Canberra Services have long and distinguished histories, which are similarly founded on service to our country.

''Unfortunately this invitation, and further attempts to engage, have not amounted to anything,'' Mr Ranse said.