Portsmouth will not go into liquidation on Friday after Liam Lawrence, the last remaining senior player on the books at Fratton Park, agreed to leave the club.
Midfielder Lawrence has reached a compromise agreement with Pompey's administrators, paving the way for former owner Balram Chainrai's company Portpin to buy back the stricken south-coast club.
Administrator Trevor Birch had set a deadline of August 10 for every senior player to be off the wage bill, otherwise he would have to close Pompey down.
"We have negotiated a compromise agreement with Liam Lawrence, who will leave the club when the paperwork is finalised later today," read a statement on www.portsmouthfc.co.uk
"I'd like to thank Liam for his support and all of the other players for putting the club's interest ahead of their own.
"They have all had to make very difficult decisions and been placed in an impossible position which wasn't of their making."
Birch added: "This means that we have now successfully completed agreements with all of the first-team squad and met the major condition of the offer from Portpin, which formed the basis for the CVA proposal."
Portsmouth will now be able to start the npower League One season next weekend, albeit with another 10-point deduction following their latest spell in administration.
Before that their competitive campaign begins with a Capital One Cup first-round trip to Plymouth on Tuesday