In a statement, the steering group said: “No price has been disclosed and no sales details have yet been released by an agent, meaning the process will be challenging.
“Nonetheless the steering group believes now is the moment to act, if there is a possibility to influence the outcome.”
The group was formed following public meetings earlier this year to gather local opinion, which found that the Winter Gardens had not “meaningfully served the interests of local people for some time”.
It is seeking expressions of interest from individuals, groups or organisations to develop proposals for the building, which originally opened in 1936.
Plans to turn it into an ACV received backing from Ventnor Town Council in August.
According to the community right to bid policy, once an asset is listed as having community value, its owner cannot dispose of it – until interested community groups have had a chance to register interest in purchasing.