The Court has dismissed HMRC’s winding up petition against Southend United Football Club as it has paid £275,000 tax bill
Earlier today the Insolvencies and Companies Court dismissed the winding up petition presented by HMRC as the Club had paid the outstanding tax bill.
Southend has also found a new buyer with the deal set to be signed in November.
In a statement, Southend said: ‘We can confirm that an agreement for the sale of the Club has been reached with a consortium led by Justin Rees. Everyone is working towards a completion date of 1 November 2023, that is when the consortium will formally take control of the Club.
‘The collaborative approach to agreeing this deal would not have been possible without the support of creditors and the assistance from the leader of Southend City Council.
‘We recognise that this has been a stressful time for all associated with the Club. We would like to thank our staff for their incredible loyalty and also thank all our stakeholders for their patience.’
In March, the club avoided a winding up hearing when it paid a £1.4m tax bill to HMRC. At the time the club said it was seeking to raise £5m in bridging funding to cover the club’s overall debts.