Wrexham may not be thrown out of the Football League even if they fail to come out of administration by June.
Under League rules, a club will be expelled if it has been in administration for 18 months or more.
Wrexham still face months of doubt after owner Alex Hamilton won the right to appeal against a High Court ruling that stripped him of the Racecourse.
A Football League spokesman told BBC Sport that they have not yet taken a firm stance on Wrexham's predicament.
"Allowing for the circumstances, if the situation were to arise that Wrexham were still in administration the Football League would look at the issue then," said Dennis Signy.
The administrators running Wrexham need ownership of the ground from Hamilton in order to sell the club as a going concern and so safeguard its future.
Property developer Hamilton took over from his former business associate Mark Guterman as chairman of Wrexham in 2004.
By the end of the year, the club had gone into administration with debts of more than £4m, and in May 2005 was relegated to League Two following an automatic 10-point penalty imposed by the Football League.
Administrators then began a High Court case to seize the Racecourse from Hamilton.
The court hearing in Birmingham was told that his company, CrucialMove, had negotiated to buy the Racecourse with plans to develop the site for housing or commercial use.
But, Judge Alistair Norris QC decided that CrucialMove should not have bought the freehold of the stadium.
Spencer Harris of the Wrexham Supporters Trust said the Football League's possible lifeline is an early Christmas present for the fans.
"After the judgement from Judge Norris about what Mark Guterman and Alex Hamilton were doing to the club, I think it's only right and proper that the Football League should try to do everything in their power to help one of their members to keep going," Harris told BBC Sport.
"I believe eventually we will win this court case. It's really been a nightmare for Wrexham supporters. This situation has been in the background for two years and people are very tired of continually fighting to save this club.
"But nothing will get in the way of Wrexham fans making sure what is right and proper happens, and the club goes from strength to strength.