Football League chiefs have ordered an independent inquiry into Southampton's finances before deciding whether the club should be docked points.
The club's parent company, Southampton Leisure Holdings, went into administration last week, and the Football League board met on Tuesday to discuss the matter. Saints claims they should avoid a 10-point penalty because the club itself is not in administration.
The league said in a statement: "The League board has instructed its legal advisors to commission an independent forensic accountancy report in order to clarify the legal and financial position of the club, as a matter of urgency."
It continued: "The board will reconvene once that report is available."
Southampton are currently three points from safety with six games remaining in the Championship.
Joint-administrator Mark Fry has warned the club are likely go bust before the end of the season if a buyer is not found, but said a number of potential investors have come forward.
"We have a substantial number of inquiries which we are following up," Fry said.
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