Source: PA
Stay of execution for troubled Pompey
Portsmouth have been given a stay of execution as bosses were granted extra time to fight a winding-up petition.
The club faced High Court proceedings over a multimillion-pound unpaid tax bill after talks with Revenue and Customs failed and it now has one week to draw up a statement of its financial affairs.
Portsmouth faces a VAT bill of £7.4million which it is disputing with HMRC.
It also owes £4.7million in unpaid PAYE and National Insurance which were not part of today's petition.
Chief executive Peter Storrie has said Pompey is hopeful of finding a new owner - which would be its fifth this season - and the bill could then be paid.
Representing the club, Nigel Hood said new owner Balram Chainrai would run the company until it was financially stable and then sell it on to someone who wanted to "operate the business as a football club", adding any move to force the club to wind up would have "very serious consequences".
