The Stag Inn at Crosby-on-Eden, to the east of Carlisle, has been shut since it was flooded in December.
The pub has been up for sale for around two years and usage had been steadily declining.
But a group of locals are now hoping to take over the running of the pub and turn around its fortunes.
Due to their concern about the future of the building – and the prospect of it being sold off for development – they made a successful application to Carlisle City Council to temporarily halt any proceedings giving the community time to step forward.
The group, known as the Crosby-on-Eden Community Association, now have until September 7 to raise enough cash to buy out the pub from the Marston’s Brewery. The group believes they will need around £150,000.
Peter Milnes, who was the pub’s landlord between 1999 and 2006, is the group’s chairman.
He said: “We are trying to retain the pub as a community hub, it’s such an important thing for the village. Even though the pub has been devastated by the floods we want to keep it alive. If we’re able to buy the pub we’ll all be in it for the long haul because it benefits us.”
If successful they hope to renovate the premises, which they admit will take a sizable amount of cash, and reopen it.
The group is looking at a number of grants and are inviting members of the public to donate cash or potentially buy shares in the new venture.
To provide more information to those interested the association is holding an open day in the village hall on Saturday between 10am and 2pm as well as one on Wednesday evening.
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