Officials from HM Revenue and Customs are seeking to place Southend United into administration because of an unpaid tax bill.
The League One club were set to go to court to face a winding-up order on Wednesday but were told that HMRC changed its position on Monday night.
Southend will now face an administration hearing on 4 November.
In a statement on the club website, chairman Ron Martin said: "We are not looking to escape debts."
He added: "Mine and my family's life has been entwined with Southend United, often taking up every waking hour and I have been doing my best, and will continue to do so, to make sure than HMRC do not rip this from us.
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