Do you have a tenancy agreement with the owners? If so, read this to see if there is any small print or clauses that allow them to sell off the land. If not then it may be worth your while contacting them and enterring into some form of friendly dialogue, invite them down to the allotments to speak to representatives of your group rather than just sit back waiting to hear bad news.
As the grounds are not owned by the local council you may need to seek legal advice but better to contact the owners first.
Also worth asking the council allotments officer for advice, this you should find on the councils website.
Shall be interested to hear how you progress.
I have just formed a society but the land is owned by the city council and they were encouraging us to do so.
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