The High Court has given Sheffield Wednesday Football Club 28 days to complete a takeover and pay off their tax bill to HMRC.
The Owls now owe £1.4m instead of £600,000 according to HMRC, with the judge passing the extension for the Npower League Two side because of exceptional circumstances.
Following the hearing the club’s chief executive Nick Parker revealed his frustration with the club’s position.
"I'm very relieved but angry, this club should not be where it is today," he said.
"There are people out there who say they have money, when they do not. I know there are other people out there who understand how much Sheffield Wednesday is to not just to the fans but the community it serves.
"It's now time for those people to step forward and, in private, do a deal with the bank and no longer shilly-shally around and make excuses for not doing it."
It is believed that there are four potential investors for the club - Rotherham businessman Spencer Fearn and Sheffield accountant John Roddison, a group led by former Wednesday director Mick Wright, a UK-based businessman, rumoured to be Milan Mandaric, and a Middle Eastern group.