Southend United have staved off the threat of administration after appearing in court and promising to pay their debts by Friday (November 6th).
The club stated that its total debt stands at £2.1 million, which must be cleared by the deadline if the club want to avoid going into administration.
Another part of the agreement involves the Blues paying £690,000 of tax owed to HM Revenue & Customs, with the hearing adjourned until Monday.
Even though it is a substantial amount of money to pay, the penalty for going into administration involves a ten-point deduction which would put them in a precarious position in the league.
Southend United are currently tenth in Coca-Cola League One and face Gillingham in the FA Cup on Saturday, who they recently beat 1-0 in a league game.
According to a Sky Sports, a consortium of local businessmen is interested in taking over the club, even though their offer of investment was rejected by the club's board this week.
Written by Tom Jenkins
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
