Bolton have been granted a further stay of execution by the High Court, while controversial former Watford chairman Laurence Bassini has been confirmed as the club's prospective buyer.
The Sky Bet Championship outfit were back in court on Wednesday facing a winding-up petition over an unpaid tax bill but the case has been adjourned until 8 May to allow the proposed sale of the club to proceed.
This is the sixth time in the last 18 months that Bolton have faced a winding-up order, which could result in administration or liquidation. The latest one was issued in February by HMRC over debts of £1.2million.
Current owner Ken Anderson had refused to name the prospective buyer, but on Wednesday it was revealed to be Bassini.
The club's barrister Hilary Stonefrost told the court: "The prospective purchaser is here."
She added that Bassini, whose controversial tenure at Vicarage Road lasted only 13 months, "has proof of funds".
Bassini declined to comment before he was driven away from the court in a white Rolls-Royce.
The 48-year-old has twice been declared bankrupt and was banned from holding a position of authority at an English Football League club for three years in 2013 for alleged financial misconduct while at Watford.
He told the Telegraph he had been unfairly maligned, saying: "Very shortly, I'm going to be naming and shaming and producing - that has taken me six years - the evidence to show how dishonest people were and how I was made to be a scapegoat."
Bolton were given two weeks to settle their debts at an initial hearing on 20 March, with Anderson claiming a buyer was lined up.
It has been a hugely troubled month for the Championship club, who are five points adrift of safety and facing relegation even without a possible points deduction.
Last month their match against Millwall was in doubt because of safety concerns after staff, including stewards and turnstile operators, were not paid their February wages on time.
That match did go ahead, but on Tuesday it was announced that Bolton will have to play their next two home games behind closed doors after the club's safety advisory group decided they could not guarantee fans at the University of Bolton Stadium would be safe.
The safety group, which is comprised of representatives of the local council, police and emergency services, informed the EFL on Tuesday that it had placed a prohibition notice on the club under the Safety of Sports Grounds Act 1975.
The notice covers this Saturday's match against Ipswich and Tuesday's clash with Middlesbrough.
Anderson secured a stake in the club during an emergency buyout three years ago, alongside former striker Dean Holdsworth, then took majority control in 2017 after Holdsworth's Sports Shield company went into liquidation.
Bolton's players have been on a 48-hour strike this week, with wages again not paid on time, drawing criticism from Anderson in a statement on Tuesday.
Regarding the takeover, Anderson said on bwfc.co.uk that completion was "taking longer than anticipated" but added: "The parties involved have assured me and their advisors that they are in a position that will enable completion to take place shortly."