Struggling Bolton Wanderers has been sold to Football Ventures (Whites) Limited, the club's administrators have announced.
It appears the club, which looked to be following Bury FC out of the Football League, may now be able to compete for the rest of the season after being rescued.
Bolton were on the verge of liquidation after the English Football League gave administrator Paul Appleton 14 days to either sell the Sky Bet League One club or prove they can be funded for the rest of the season.
In a statement, Appleton said: "This has been one of the most complicated administrations I've been involved with, but I'm delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures."
A deal to sell the 145-year-old club collapsed on Saturday morning - despite being virtually agreed hours earlier - and Appleton had warned on Monday that he would start closing the club down on Wednesday.
He revealed there was no money left to fund the club after the takeover bid by the Football Ventures consortium had stalled.
But talks continued on Tuesday and there was optimism Bolton would meet the 5pm deadline to announce a deal had been approved.
However progress came too late to stop the EFL enforcing a 14-day notice to withdraw the club's membership.
Appleton added: "At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty.
"I would like to pay particular tribute to the Eddie Davies Trust and their legal team who, throughout this whole process, have been willing to do everything in their power to ensure Eddie's incredible legacy was maintained and not sullied."
Bury FC however were not fortunate enough to have been rescued and the English Football League expelled the club late on Tuesday.
Both clubs were founder members of the Football League but a lack of cash in recent years led to administrators being called in.