Just two hours before his final elimination by the English Premier League, the owner of one of England's oldest clubs was able to find a buyer for the club and remove the specter of exclusion.
"Perry has been rescued," owner Steve Daley said.
The association, in turn, issued a statement saying it had "received notice from Daley that it had agreed to an offer to sell the team. We are considering the deal and the potential buyer and are awaiting further information before making a final decision on the exclusion that expired on Friday."
Daly inherited the debt, when he bought the club for one pound ($ 1.22) last year, and needed a new investor or buyer by midnight, just two hours before the exclusion.
Manchester City and third division rivals Manchester United were on the verge of being eliminated from all professional league competitions and had to prove their ability to satisfy their creditors and keep enough of their operating expenses this season.
If a team is permanently disqualified by the league, the only way to complete their career is to submit a new application for a lower league entry the following season.
Perry joined the League in 1894, nine years after his founding, and won the FA Cup twice in 1900 and 1903 when he scored a FA Cup final by beating Derby County 6-0, a result that Manchester City equalized this year when they beat Watford.
Although Perry has been out of the league since 1929, he remained in the second division until 1999.
They were promoted to the third division last season but were deducted 12 points in July because of their financial situation and the accumulation of debt, and his first six games were postponed for the season and left out of the League Cup.