The club has been given two months to pay creditors

The club, which is more than �2m in debt, was taken to court by Wolverhampton firm Accommodation Hire Limited, which provided the club with portable toilets.

That claim has been settled with a payment of just over �1,000 and the firm has withdrawn its petition for a winding up order.

But businessman Mark Kay, who says he is owed �116,000 by the club, has taken up the petition.

The judge at the High Court in Leeds deferred the case until 5 August so Exeter's new directors can find ways of paying the club's creditors.

The University of Exeter is also claiming �63,000 from the club and beer company Coors says it is owed �50,000.

A new board took over from chairman John Russell and vice-chairman Mike Lewis on 22 May.

Tribunal win

The new board followed City's relegation from Division Three to the Nationwide Conference and the arrest of Mr Russell and Mr Lewis following complaints of financial irregularities.

They have been bailed to report back to Exeter police in September.

The club's new board was given a week to raise �100,000 to pay the players and staff, but managed only �40,000.

This week, the club's former assistant manager, Gary Bennett, won an industrial tribunal for four months' wages that had not been paid.

Former boss Neil McNab also has a tribunal for unpaid wages pending.

In the coming weeks, the financial situation looks bleak.

The club will have to find even more money for wages, and the new season is only two months away.