Portsmouth given seven days by court

Portsmouth were given a stay of execution by the British High Court today 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.

They now have one week to draw up a statement of their financial affairs.

Chief executive Peter Storrie has said Pompey are hopeful of finding a new owner - which would be their fifth this season - and the bill could then be paid.

Mrs Registrar Derrett said she feared the company would continue to trade and build up more debts that would not be paid.

She said: "I am very concerned about the financial status of this company. It seems to me there's a very real risk that this company is undoubtedly trading while it is insolvent.

"I'm obviously conscious that, by making a winding-up order, it would have very severe consequences not only for the company as a business but for the supporters themselves, but that's not a consideration that I strictly take into account."

Portsmouth face a VAT bill of £7.4m (€8.4m) which they are disputing with HMRC.

They also owe £7.4m (€8.4m) in unpaid PAYE and National Insurance which were not part of Wednesday's petition.

Representing HMRC, Gregory Mitchell QC said: "It's quite clear beyond any doubt at all that this company is insolvent. They have failed to provide any evidence at all as to their solvency. There are many debts and they are unpaid."