PTL founder Jim Bakker said he will withdraw his offer to buy the ministry's assets if he cannot confirm funding from his backers Friday.

"It's time to fish or cut bait," Bakker said Thursday after meeting with PTL Bankruptcy Trustee M.C. "Red" Benton.Benton said Bakker has offered no proof he has the money to carry out his $172 million bid. The trustee also met Thursday with other potential buyers.

In addition, Benton asked U.S. Bankruptcy Judge Rufus Reynolds to extend from Saturday until Monday the deadline to present a buyer. He said he expects to get the extension.