Portsmouth still face a 10-point deduction should the Pompey Supporters' Trust (PST) win their battle to save the club.
On Monday, the Football League confirmed the sanction, to be imposed once the club comes out of administration, after receiving details of the PST's proposed takeover.
PST's bid hinges on administrators PKF gaining permission to sell Fratton Park, which is controlled by the club's former owner Balram Chainrai, at a High Court hearing which starts on Thursday.
The League is awaiting the outcome of that hearing, and for the trust to raise the remaining funds as set out in their business plan, before fully considering their application.
A statement from the League read: "The Football League Board has received details of a proposal by Pompey Supporters' Trust and its partner investors to acquire the assets and certain liabilities of Portsmouth Football Club.
"Having considered the proposal in detail, the Board concluded that it had significant merit. However, two outstanding points will have to be resolved before the Board can fully consider PST's application to become the new owner of Portsmouth Football Club.
"They are the outcome of the current High Court proceedings relating to the ownership of Fratton Park and PST raising the remaining funding from supporters that is anticipated in its business plan.
"The Board also confirmed that ongoing membership of the League would be subject to a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the club going forward.
"It therefore reaffirmed its earlier decision that these conditions would include a deduction of 10 points (applicable at the point of transfer of share) and a range of other restrictions on playing budgets and future borrowing for the next four seasons."
Pompey, who have been in administration since February, are currently one place and one point outside the League One relegation zone.