Bury have been granted an extension to complete the sale of the club.
The Shakers have until 5pm on Tuesday, August 27, which would see them avoid expulsion from the Football League.
The League Out side had been given until 11.59pm last night to show they could pay off creditors and had funding to complete the remainder of the campaign.
It means Pompey’s trip to Gigg Lane on September 14 could go ahead if the takeover goes through.
The Shakers travel to Fratton Park on April 25, 2020.
EFL executive chair Debbie Jevans said: ‘The board has considered the evidence presented and has determined, in a final effort to allow the club the opportunity to survive, to grant an extension and work exclusively with the club and C&N Sporting Risk to see if a takeover is possible.
‘No one wants to see a club lose its place in the league and we will now work with the potential purchasers over the weekend and ahead of the Tuesday deadline in an attempt to find the solutions required for a sale to take place.’
Bury have postponed all five of their games so far this season, as well as today’s scheduled clash against Tranmere.
They’ve already been given a 12-point deduction for entering administration.