Crystal Palace have granted a consortium of businessman trying to buy the club 'preferred bidder' status. The group, known as CPFC 2010, have satisfied administrator Brendan Guilfoyle that they have sufficient funds needed to complete the takeover.
However the deal is likely to hinge on the purchase of the Eagles' Selhurst Park ground.
The stadium is in the hands of separate administrators PricewaterhouseCoopers and time is running out for the London club as Guilfoyle revealed the club cannot be financed beyond the end of the season.
He said: "I am very pleased to have granted preferred-bidder status to the CPFC 2010 consortium.
"I am satisfied that they have the finances and the ability to purchase the club and reach agreement with the creditors of the club.
"The key to the proposed sale is the stadium and I am hopeful that the CPFC 2010 consortium can have constructive negotiations with the stadium administrator, Laurie Manson.
"However, time is of the essence, I think everyone knows that I am not currently funded beyond the last game of the 2009/10 season."
Radio presenter David Jensen, the spokesman for CPFC 2010, said the group were open to outside party's joining their bid to take control of the club.
He said: "I am pleased to be assisting the CPFC 2010 consortium who are grateful and privileged to be granted preferred-bidder status.
"Like me, the club is important to them and they have come forward with an offer to save the club from closure.
"The CPFC 2010 consortium is well funded and can complete the transaction, however they want the maximum investment to move the club forward.
"Should anyone be interested in joining the CPFC 2010 Consortium, they should contact the administrators."