The High Court in London today gave administrators of ITV Digital a further seven days to negotiate a deal with the English Football League.
Michael Crystal QC, for administrators Deloitte and Touche, said that, after talks with the key stakeholders in the company, they believed it was in the common interests of everyone concerned for the business to continue.
There was a real prospect of achieving a "restructuring of the cost base of the business" with a view to obtaining long-term investment from shareholders, he said.
If no restructuring could be achieved within the next week, the business would come to an end, and the administrators would then seek to sell it as a going concern.
It had emerged earlier that the League may be prepared to accept a £100 million sterling pay-off from ITV Digital to buy their way out of their broadcast contract.
League chief executive David Burns today hinted that figure may persuade his member clubs to cut their losses and set about finding a new buyer for the rights to televise their matches.
ITV Digital's owners were originally contracted to pay £178 million over three years for the exclusive rights to broadcast Nationwide League matches.
But the broadcaster went into administration last month, and owners Carlton and Granada made it clear they were in no mood to bankroll ITV Digital in order to fulfil their part of the contract. The TV company's latest offer of £60 million has been rejected by the league.
PA