Southend have until Friday to clear their £2.135 million tax debt. The League One side face the prospect of being placed into administration and a winding-up order due to their debt to HM Revenue and Customs, but the case has been adjourned after Mr Justice Warren was informed the club had offered to pay up by the end of the week.
The judge heard that HMRC originally presented a winding-up petition for a tax bill of £690,000, but last week, after it became clear that a far greater debt was owed, it changed tack and presented an application to have the club company put into administration.
If the money is paid in full, both sets of legal proceedings will be dismissed on Monday.
The club confirmed on Tuesday that they had turned down the offer of investment from an unnamed consortium.