Bolton Wanderers have been handed a temporary reprieve in their financial struggles, having avoided an immediate winding-up order in the High Court.
The Trotters currently owe HM Revenue and Customs £2.2m but have been given until February 22 to either find a potential buyer or other short-term funding to appease the debts.
The Championship outfit, who are under a transfer embargo having breached Financial Fair Play rules, are £172.9m in debt.
"The High Court has given the club until February 22 to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales," read a statement from the club.
"This would enable the club to trade and make payments on the debts owed to HMRC and other creditors."
Trevor Birch, an advisor to the club's owner and board, added: "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."
Bolton currently sit bottom of the Championship table, seven points from safety and facing relegation to League One.
