Sheffield Wednesday have fought off a High Court bid to wind the club up over an unpaid tax bill.
A 28-day adjournment was granted at a hearing in London by Mr Registrar Jaques.
The court heard from a lawyer representing the club that it was on the "verge" of a takeover deal with a consortium of local businessmen.
The proceedings on Wednesday related to a winding-up petition over an unpaid PAYE bill of £600,000.
But the registrar heard that the club now owes HM Revenue and Customs (HMRC) £1.4 million.
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