Debt-ridden Bolton Wanderers, a founder member of the English Football League in 1888, were given a stay of execution after the High Court adjourned a hearing from the tax authorities who want the club wound up.
Bolton, bottom of the second-tier Championship, have reported debts of 172.9 million pounds ($382.9 million), and owe the tax man immediate back-payments of around 2.2 million pounds.
The High Court adjourned the hearing until February 22 to allow the club, who were relegated in 2012 after 11 seasons in the Premier League, more time to find a rescue scheme.
In a statement on [www.bwfc.co.uk their website], the club said they were seeking ways to raise funds to continue at least until the next hearing.
"During that period the club will have to find a longer term solution to its financial problems in order to prevent HMRC (Her Majesty's Revenue and Customs) from winding up the club at the adjourned hearing," Bolton said.
The High Court hearing came the day before Bolton face minor league Eastleigh in an FA Cup third round replay.
Eastleigh, who play in the fifth tier National League, were all set for a huge upset until Darren Pratley scored an 87th minute equaliser to set up Wednesday's re-match.
Bolton's greatest glories have come in the FA Cup, which they have won four times - including the first ever final at Wembley in 1923.