Cardiff have been given until May 5 to settle a tax debt to Her Majesty's Revenue and Customs in order to avoid following Chester into liquidation.
The Bluebirds appeared at a High Court hearing today with HMRC seeking to have the club wound up over unpaid bills.
Matthew Smith, representing HMRC, told Mrs Registrar Derrett that the club owed around £1.9million and were "robbing Peter to pay Paul" in order to stay afloat.
Elaine Palser, representing Cardiff, said a "third party" investor would be providing the club with £6m in funds and the tax debts would be paid.
She said the company was not insolvent and had substantial assets including £30m worth of players and the problems had been caused by "temporary cash flow difficulties".
Mrs Registrar Derrett granted the club 56 days to make a full and final settlement with HMRC.
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