Football clubs receive stay of execution

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