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    Football clubs receive stay of execution

    Football clubs receive stay of execution

    Portsmouth, Cardiff City and Southend United given more time to settle their tax bills

    Author Writer Date published February 10, 2010 Categories

    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.

    Further reading:

    Three
    footy clubs face insolvency judgment day

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