Bolton's winding-up petition hearing scheduled for 18 January may be delayed, says manager Neil Lennon.
The Championship club are £172.9m in debt and under a transfer embargo until the end of the season for breaching Financial Fair Play rules.
They reportedly need to raise at least £600,000 before Monday, or face going into administration.
"Speaking to [club advisor] Trevor Birch he seems confident that there are things that can be done," Lennon said.
"We may get an extension to the tax hearing on Monday, which is good news and buys us a bit more time to get investment in."
Administration would trigger a 12-point penalty and leave bottom side Bolton 18 points adrift of safety at the foot of the Championship table.
"One surprise after another"
"It's just one surprise after another. You're going in one direction and then it takes a veer off to the left," Lennon added.
"It's been a difficult couple of months with all the speculation surrounding players leaving, players staying, that type of thing and balancing the squad.
"You're working basically on a day-to-day basis rather than trying to sit down and make any plans going forward."
Player sales still possible
Despite the failure to secure transfers for Clough and Davies, former Celtic manager Lennon believes some players could still have to leave.
The 44-year-old denied accepting a bid for midfielder Josh Vela from Cardiff on Tuesday, but Sierra Leone midfielder Medo Kamara has been released by the club after failing to make an appearance since September 2014.
"Trevor's still confident we can avoid administration. It may still involve players leaving," he said.
"Medo Kamara looks like he's gone today and there may be one or two more between now and the end of the month that do leave.
"There are other irons in his fire that he's still working on."