ACCRINGTON Stanley shareholder Ilyas Khan has vowed to pay off the rest of the £308,000 tax bill after the club were given a one-week extension to pay off their debt in the High Court or face being wound up.
Reds owner Dave O'Neill and chief executive Rob Heys went with £96,000 and the promise of a further £100,000 which is due from the Professional Footballers' Assocation to London earlier today (Wednesday).
But a judge warned that wasn't enough and said he wanted the debt paying off in full within seven days else the club will be wound up - and go the same way as it did in 1962.
Khan - who offered to help the club and pay off the debt in the early stages in return for a share issue and transparency - stepped forward and has offered to pay off the outstanding debt by the deadline.
"Having regard to the number of adjournments I will give you seven days – that is the 4th of November – and mark it absolutely final. The petition debt must be paid in full," said Mr Registrar Simmonds. He refused to give the club the two weeks' breathing space that their lawyers had asked for.
The judge had been told by lawyers for Her Majesty's Revenue and Customs that the debt at the centre of the winding up moves was for £308,000. The lawyer added that he understood the club had additional debts of £127,000.
However, the club’s lawyer told the judge that £96,000 had been electronically transferred this morning to HMRC and that an additional £100,000 had been pledged by the Professional Footballers' Association. He said that in addition Khan, chairman of the Leonard Cheshire fund, had personally undertaken to settle the balance.
Had the club been compulsorily wound up, it would have effectively handed over the club's affairs to an Official Receiver. His job would then be to do his best to ensure that debts are paid off by selling any assets available and then bringing business to a close.
The fans are protesting at the club at 6pm tonight (Wednesday) as they feel owner Dave O'Neill has misled them and are demanding his resignation.