Source: PA
Shrimpers avoid administration threat
Southend have avoided going into administration after settling their tax debts with the Inland Revenue.
The npower League Two club were given an additional two weeks by HMRC last month to pay off their outstanding debts. Had an agreement not been reached on Monday then Southend could have been placed into administration, meaning they would begin the new season with a points deduction.
Shrimpers chairman Ron Martin has confirmed that everything has been settled with the tax office and that the club`s debts are now up to date.
"We've paid off the entire debt. It's a relief all around. It was £340,000, so that's now discharged. All the club's debts are now up to date," Martin told Sky Sports News. "I know the fans have been very concerned but they can relax and we can now move on positively."
Southend have agreed a partnership with Sainsburys that will see work begin on a new ground and a flagship supermarket in the town.
Martin added: "I now can confirm that the club's finances have now been underwritten by this partnership for the forthcoming 12 months."
