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

Portsmouth was given until next Friday by the court to provide details of its

Further reading:

footy clubs face insolvency judgment day

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