BusinessBusiness RecoveryFootball 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

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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