Sefton Council had refused to extend permission allowing Another Place – the sea sculptures created by Antony Gormley – to remain on Crosby Beach.
But the council said on Tuesday the naked men statues could stay while a planning appeal is considered.
Northern Way, which promotes economic development in the north, is set to grant £1m to keep the statues.
With supporters of the statues expected to lodge an appeal triggering a public inquiry, the council said it would not enforce their removal on 31 October.
Another Place Ltd – whose members include TV presenter Lloyd Grossman and Lewis Biggs Chief Executive of Liverpool Biennial – hopes to raise £2m to keep the work in Crosby.
This has been boosted by Northern Way, which said it would grant £1m to the statues if other funding was in place and planning permission granted.