Sheffield Wednesday have been given 28 days to find new owners and pay off an unpaid tax bill.
HM Revenue & Customs (HMRC) had sought a winding-up order for the club as a result of the outstanding £1.4million tax bill, but the High Court gave The Owls a life-line by pushing back the deadline by four weeks.
Mr Registrar Jaques granted a 28-day adjournment, although he admitted that the extension was only given after a lawyer representing the club confirmed that a takeover deal was imminent.
"I'm very relieved but angry. This club should not be where it is today," chief executive Nick Parker said outside court.
"There are people out there who say they have money, when they do not. I know there are other people out there who understand how much Sheffield Wednesday is to not just to the fans but the community it serves.
"It's now time for those people to step forward and, in private, do a deal with the bank and no longer shilly-shally around and make excuses for not doing it."