Notts County Football Club's 'ultimate parent company' has been given a reprieve after a bid to strike the firm off the Companies House register was discontinued.
was the firm used by businessman Alan Hardy to buy shares in the Meadow Lane Club in 2017. He is also named as the only director of the business.
A notice was issued last week to directors of the firm giving them two months to prove Paragon Leisure was still operating, which came after it emerged the company had failed to provide financial accounts for the last two years.
But the strike off notice was discontinued on Saturday, June 8, and a statement on Companies House read: "Cause has been shown why the above company (Paragon Leisure) should not be struck off the register and accordingly the Registrar is taking no further action."
If the company was to have been struck off or dissolved, it would mean it ceased to legally exist.
Financial accounts for Notts County are still yet to be published on Companies House but in the last report available, for the 2017 financial year, it was reported The Magpies made a net loss after tax of more than £1.5 million and concerns were highlighted around its ability to continue as a going concern.
The report said the club was reliant on the continued financial support and future funding from the "ultimate parent company", Paragon Leisure Group. That company was in turn dependent on financial support from Paragon Interiors, which entered administration in March owing more than £13.5 million to creditors.
The latest news has come after the Meadow Lane club, which was relegated to non-league last season, avoided being wound up in the High Court again over an unpaid tax bill.
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Judge Clive Jones adjourned the case for a second time to give Notts until July 10 to allow a takeover from Mr Hardy to be completed.
But the sales process hit another bump in the road at the weekend following allegations Alex May, who had been advising one of the consortiums, had changed his name by deed poll.
It is claimed he was previously known as Alick Kapikanya, who was jailed for six years in 2014 for a multi-million-pound fraud.
Colin Dodd, the lawyer leading the group, confirmed May had come clean about his past and that he is helping them try to seal a takeover of Notts.
In a statement, Notts said: " are aware of recent press reports regarding the involvement of Alex May in a prospective takeover of the club.
“ will be speaking to the group about the involvement of Mr May, who has been acting as their advisor only, to establish their plans moving forward.”