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10 Feb 2010
All three football clubs facing winding-up orders in the high court today have been given stays of execution.
Cardiff City and Southend United were each given a stay of 28 days to settle their bills with HM Revenue & Customs, or face another winding-up order.
HMRC told the courts that Portsmouth was "insolvent", owing the taxman £11.5m. However Portsmouth argued it had two offers on the table to buy out the club.
Portsmouth was given until next Friday by the court to provide details of its finances.
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