Labor is ready to pull the trigger on a no-confidence motion against Liberal premier Jeremy Rockliff if it has the parliamentary numbers.
It comes as Rockliff cops increasing heat over his party's financial management and plans for a new AFL stadium in Hobart.
A 23,000-seat roofed venue at Macquarie Point in Hobart is a contractual condition of the Devils' entry into the AFL in 2028.
In a statement on Wednesday, the Devils said the political uncertainty presents a "serious risk" to the club's future.
"The political uncertainty that is currently unfolding in the Tasmanian Parliament is of great concern to Tasmania Football Club," the club statement said.
"Like the rest of the community, we are unsure what will happen today and what the impacts of any actions taken might be.
"What we do know is that uncertainty presents a serious risk for jobs, investment and growth, and for the future of Tasmania Football Club.
"Tasmania Football Club remains steadfast on building a Club for all Tasmanians. We are also steadfast on staying out of politics.
"We ask that our political leaders understand the implications of their actions and decisions on the future of our state for all Tasmanians, a future which we know Tasmania Football Club can play a significant part."
The cost of the waterfront Macquarie Point stadium has blown out to almost $1 billion.
The slated cost is $945 million, up from the previous estimate of $755 million and the original figure of $715 million.
Cricket Australia has also raised concerns about the proposed hatched roof design, which it says will prevent daylight cricket being played at the venue because of shadows cast on the field.
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