More than 100 people turned out to a public meeting after Orton’s only pub was put up for sale.
The current tenants plan to vacate the George Hotel in autumn and residents fear it might lead to its closure.
Owners Marstons Brewery has it on the market with estate agents Christie and Co for £785,000.
A packed public meeting took place at Orton Market Hall.
Orton Parish Council has already registered the property as a community asset, which could provide a grace period for it to raise the money to buy it.
The meeting was called to investigate the possibility of the village acquiring and running the pub.
It is described as a 60-cover bar and restaurant with eight guest rooms and separate owners’ accommodation with a three-bedroom
flat.
Kyle Blue, chairman of the parish council, chaired the meeting and said it was at the heart of a lovely village”, which had managed to retain many of the local amenities which have been lost by other communities.
He said the pub not only served the local community but is a destination for coast to coast walkers reaching the halfway point of their walk.
Mr Blue said: “The village inn is a vital part of any rural community, and I was not surprised by the number of Orton people who have come together with a view to saving the hotel as a community asset.
“Unlike many village inns, the George Hotel is trading as a viable business but the costs involved will be a real challenge. However, other villages have risen to such challenges, so given much hard work and a good deal of luck we could succeed.”
Guest speaker at the meeting was David Graham, who has been involved with the saving of The Butchers Arms in Crosby Ravensworth, which has been profitably run as a community-owned pub for more than 13 years.
Mr Graham remarked that the numbers of people attending were a good indication that it could be done in Orton. He went on to tell how members of the community in Crosby Ravensworth not only bought shares in the property, but worked enormously hard in first stripping, then redesigning the interior, and doing all the hard work.
The general mood of the meeting was described as “positive, enthusiastic and determined”.
Several people have volunteered to serve on a committee with others recommended for their positive attitudes, personal skills and useful contacts.
Sufficient numbers have come forward to create a committee which will meet within the next 10 days to plan a way forward.