Bolton will not face a points deduction this season, but the threat of administration remains after their winding-up case was adjourned until April 3.
The Sky Bet Championship club have been given two weeks to settle their debts and avoid a winding-up order, a High Court hearing in London has ruled.
It means that if they were placed into administration, the points deduction would be incurred next season as it would go past the March 28 deadline.
Bolton, issued with a winding-up petition by HM Revenue & Customs in February over an unpaid tax bill for £1.2m, faced administration or liquidation, but now have two weeks to find a buyer.
Barrister Hilary Stonefrost, representing Bolton, told the court the club have a potential buyer lined up who "already owns a major stake in a high-level football club".
She asked for a 14-day adjournment to give the club time to complete a sale and settle its debts.
Judge Clive Jones, sitting in the Insolvency and Companies Court in London, adjourned the case until April 3.
A statement from Bolton read: "We are pleased to get the adjournment today, which will allow the club to make progress with the interested party.
"No further comments will be made on the matter at this moment in time."
Bolton have shed no further light on the identity of a party interested in taking control of the club.
It is the sixth time in 16 months that Bolton have defended a winding-up petition due to unpaid tax and VAT.
They won a similar stay of execution in the High Court three years ago to allow previous owner Sports Shield BWFC to complete a last-minute takeover.
Current owner Ken Anderson bought a stake in the club during that buy-out and took majority control in 2017 after Sports Shield went into liquidation.
Bolton confirmed on Tuesday night that a potential buyer had pulled out of talks, but that there were still several other interested parties.