(CNN) -- English Premier League strugglers Portsmouth have been given another seven days to sort out their dire financial situation following a hearing at London's High Court on Wednesday.
Portsmouth, who have already had four different owners this season, faced being declared insolvent because of a huge tax debt -- reported to be in the region of $17 million -- to the Inland Revenue and Customs department.
Talks between the two parties had failed to find a settlement, resulting in High Court action, and the club now have one week to prove they have potential new investors willing to come in to settle the club's outstanding debts.
Portsmouth are currently owned by Hong Kong businessman Balram Chainrai, who last week assumed 90 per cent of their shares from previous owner Ali Al Faraj, for failure to repay money owed to him from loans made to the club earlier in the season.
The club issued a statement on their official Web site welcoming the news. "We welcome the decision by the High Court to allow the club time to demonstrate its plans to restructure and stabilize the business under new owner Balram Chainrai.
"The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners.
The statement went on to say: "The club will show that the business will be sustainable as a going concern and how it will deal with outstanding creditors as a result of the recent takeover.
Portsmouth are currently bottom of the Premier League with 16 points, six points from safety, and face the threat of being deducted points if they are forced into administration -- making relegation appear a certainty.