Bolton Wanderers have been granted a stay of execution after being told they will avoid an immediate winding-up order.
The taxman and other creditors had taken Bolton to the High Court in a bid to force the crisis-hit Championship to pay off some of their debts.
Bolton would have been forced to go into voluntary administration if the case had gone against them, triggering a 12-point deduction would have condemned them to League One next season.
Instead the High Court have told Bolton they have until February 22 to either seal a deal with new buyers for the club or raise the necessary funds through the sale of players and other assets.
Advisor to the owner and board Trevor Birch, said: "HMRC takes a very strict approach towards football clubs.
"Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.
“With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale.”
Owner Eddie Davies, who is prepared to write off the £185million owed to him by Bolton, wants to wash his hands of the club and is in talks with three different groups.
One consortium includes former player Dean Holdsworth and boxer and Wanderers fan Amir Khan.
Takeover talks have been going on for months and Bolton believe their
search for new owners could soon be over.
Bolton - currently rooted to the bottom of the Championship table with 17 points from 27 games - had pulled together £3million to pay the taxman, who is owed £2.2million, and other creditors.
They have sold a car park beside the Macron Stadium to help fund the club in the short term and are open to offers for their remaining star players Zach Clough and Josh Vela.
Assistant boss Steve Walford claims the players are trying to prepare as normal for tomorrow's FA Cup replay against Eastleigh at home.
"The players are doing their best in every game," he said. "What happens, will happen. We just have to get on with it
"We're in the dark a bit. We don't know what's going on."
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