Pay-TV broadcaster ITV Digital will make a final attempt in the next few weeks to renegotiate its contracts with the English Football League.
The move comes after announcing yesterday it had sought protection from its creditors.
The company said it would meantime continue broadcasting to its viewers, who may turn out to be its most valuable asset.
Cash-strapped ITV Digital's move, approved by the High Court yesterday, could spell the end of the company and stop the drain on cash for its owners, Carlton and Granada -but its 1.26 million customers could be up for grabs.
"Our objective here is to create a viable future for the business and not go into closure," said ITV Digital spokesman Mr Andrew Marre. "Service to customers will continue and suppliers will continue to be paid".
ITV Digital's administrators, Deloitte & Touche, must report to the court on progress on April 15th. If the crisis is not resolved by then, the business could be liquidated or sold.
The move could play into the hands of the country's dominant pay-TV operation, Mr Rupert Murdoch's satellite service BSkyB, but it throws into doubt the future of some of the league's smaller teams.
The league's 72 clubs are owed £178.5 million sterling from an original three-year £315 million deal to broadcast their matches.
The Football League said it was keeping all its options open to ensure ITV Digital honoured its agreements and would use "all available channels" to pursue ITV Digital, Carlton and Granada in the case of default.