Southend United winding-up petition adjourned for fourth time until 28 October
- Published
Southend's debt has been reduced due to regular payments being made by the club
Southend United have been given more time to clear tax debts after a winding-up petition against the club was adjourned for a fourth time.
The League Two side now have until 28 October to pay the remaining 拢493,991 owed to HM Revenue and Customs.
The Shrimpers aim to settle the debt through refinancing, with 502 homes planned to be built on Roots Hall when they move to their Fossetts Farm site.
In April they said an agreement to build a new stadium had been reached.
"The fact is we expected to discharge the HMRC debt before today's hearing," said
"We have reduced the balance, to HMRC, by a third but cash flow over the past six months has been very limited and we have had the carry the club costs through this difficult Covid period, including paying off overpaid/underperforming players."
The latest winding-up petition is one of a number Southend have faced amid financial turmoil in recent seasons, with the club still under a transfer embargo.
The news comes as National League club Macclesfield Town were wound up in the High Court on Wednesday over debts totalling more than 拢500,000.