Portsmouth have had their winding-up order over an unpaid tax bill to HM Revenue and Customs adjourned for nine days.
The Premier League strugglers were at the High Court on Wednesday morning to face a winding-up order over their growing debts.
The court heard that Portsmouth owed more than £11.5 million in unpaid taxes with representatives from the revenue informing the court that the club is insolvent.
However, Portsmouth representatives told the court they have received 'two serious offers' to buy the club.
It now has one week to draw up a statement of its financial affairs.
Portsmouth will learn their fate at a second hearing on Friday, February 19.
Pompey could face administration and a 10-point deduction should the winding-up order be made next week if they fail to come to a new agreement to pay the unpaid tax bill.
