Officials from HM Revenue and Customs are seeking to place Southend United into administration because of an unpaid tax bill.
The League One club were set to go to court to face a winding-up order on Wednesday but were told that HMRC changed its position on Monday night.
Southend will now face an administration hearing on 4 November.
In a statement on the club website, chairman Ron Martin said: "We are not looking to escape debts."
He added: "Mine and my family's life has been entwined with Southend United, often taking up every waking hour and I have been doing my best, and will continue to do so, to make sure than HMRC do not rip this from us.
"Their hostile action is not only unwelcome but also destructive."
The Shrimpers, who have been saved from administration twice in the past, have debts of £660,000.
Martin has previously blamed the size of their debts on their relegation from the Championship in 2007 and their proposed move away from their current home at Roots Hall.
Under the Football League's rules if the club are placed into administration they will face an automatic 10-point deduction.
The Shrimpers currently stand 13th in the League One table, four points above the relegation zone.
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