Salford Red Devils have been given a further two weeks to pay off their debts after a hearing at a specialist companies court.
The company which owns the team, Salford City Reds (2013) Limited, was issued with a winding-up petition by HM Revenue and Customs in May.
At a short hearing at the Insolvency and Companies Court on Wednesday - the third since the petition was issued - barrister Josh O'Neill, for HMRC, asked for the club to be wound up.
Lawyers for the club told the court that the debts were due to be paid off in full and asked for a two-week adjournment.
Chief Insolvency and Companies Court Judge Nicholas Briggs granted the adjournment for "payment in full" of the club's debts by November 12.
In a statement, Salford said: "Salford Red Devils can confirm that HMRC have granted the club a two-week adjournment, providing additional time in which to secure the necessary funds.
"We would like to reassure supporters that we are working tirelessly behind the scenes to ensure a positive resolution.
"Further updates will be shared as soon as possible."
The club's ownership group issued a statement on Wednesday evening stating that "our new funding has been formally secured" and that it was "expected to be received within the next 12 days".
They said that, once received, the funds would immediately go to settling all outstanding debts with local creditors, clearing their balance with HMRC and facilitating the formal withdrawal of the winding-up petition.
The statement added: "While winding up may have presented a simpler financial solution, it would have come at a significant cost to the local businesses, many of which are owned and operated by our loyal supporters, who have stood by us through challenging times.
"We have chosen the more difficult path to protect these vital pillars of our community, ensuring they can continue to trade and thrive alongside us.
"This decision secures the future of our 152-year-old institution, safeguards the community we proudly serve, strengthens our ability to build a competitive team both on and off the field, and preserves our strategic plan for a return to the Super League in 2027.
"We extend our deepest gratitude to our creditors, fans, and partners for their unwavering patience. Your continued support has been instrumental in securing the future of our club."
Salford have been beset by financial problems all season, operating under strict salary cap restrictions after failing to pay players and staff on time, and seeing several star players leave throughout a campaign in which they finished bottom of the Betfred Super League standings.
Earlier this month, it was confirmed they had lost their place in next season's expanded top flight on the club gradings, were provisionally relegated to the Championship for the 2026 campaign, with head coach Paul Rowley subsequently leaving to join St Helens.
Their troubled season came after a consortium led by Swiss businessman Dario Berta completed a takeover in February this year.
Alexander Bunzl, for Salford City Reds, told the hearing that "more than adequate" funding was due to become available so the matter could be "settled promptly".
He said: "We seek a further adjournment of 14 days to finish the process to enable the turnaround."
Chris Sinever, for supporting creditor Funding Cash Advance Limited, said his client is owed more than ÂŁ200,000 and also asked for the club to be wound up.
Mr Bunzl told the court the money that was to become available would be enough for the club to pay all its creditors.
