The High Court has adjourned a 'winding up petition' brought by HMRC over debts Northampton Town FC owes to the taxman.
The petition was due to be heard at the High Court today but after the borough council last week submitted an application to have the club put into administration, the hearing was adjourned.
It gives the Cobblers until the end of the month to sort out their finances, which includes a debt to HMRC of £166,000, along with £10.35 million they owe to the Borough Council.
Former Oxford United chairman Kelvin Thomas is in the process of negotiating a take-over.
"The club's role is currently to provide assistance where necessary to the ongoing process and to ensure that through this period the club continues to operate as normal. We understand this is a difficult situation for supporters and we would like to thank all supporters for their continued patience and support."
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A winding up petition against Northampton Town FC will be heard at the High Court today, just days after the Borough Council tried to intervene to stop the measure.
Northampton Borough Council appealed to the HMRC to put the club into administration instead, to allow more time for takeover talks to be completed.
The club had missed its deadline to repay a £10.25 million loan to Northampton Borough Council and was then issued with a winding up petition over thousands of pounds it also owes to the taxman.
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Cambridge United have announced Shaun Derry as their new manager.
The ex-Notts County player replaces Richard Money who was sacked a week-and-a-half ago following a run of just 8 wins in 41 games.
Chairman Jez George said the team were 'underperforming' with him in charge.
Northampton Borough Council will apply to put the town's football club into administration in court on Monday to try and stop it being wound up.
A winding up petition against Northampton Town for unpaid taxes is due to be heard at the High Court in five days time, which could result in the club going into liquidation.
If the Council's petition is granted, it would put the HMRC action on hold and give the Cobblers more time to conclude a takeover.
The Council say they have had reassurance from the Football League that the club would not face a points deduction - that would only happen if all rescue efforts fail.
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MK Dons defender Kyle McFadzean has agreed a new contract with the club.
The former Crawley Town star helped the Dons gain promotion to The Championship last season, and has featured heavily again so far this term.
He has now extended his contract until June 2018.
“This is great news for the football blub both now and for the future.
Kyle is instrumental to the team in terms of his ability and stature.
It’s no surprise that teams have been watching Kyle but by signing a new deal, it shows he’s got belief in the club and the direction we’re heading in.”
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Peterborough United striker Kyle Vassell has joined League Two strugglers Dagenham and Redbridge on loan until January 2.
The 23-year-old has recently returned from injury and manager Graham Westley is keen for him to get some first team minutes under his belt.
"It is difficult to get your match sharpness when you are coming off the bench for a few minutes here and there so this is a move that is good for all parties.
He can go to Dagenham and play some football and I will be keeping a close eye on their progress with him involved."