finance · BBC ↗
Loan assures Preston North End survival
Citation-ready fact
Preston North End secured a £470,000 loan from shareholder and businessman Trevor Hemmings.
470000 pounds · loan
Preston North End, club
Citation-ready fact
Preston North End is due to appear at the High Court on Wednesday to face the winding-up petition over non-payment of the £470,000 tax bill.
470000 pounds · tax bill
Preston North End, club
Citation-ready fact
HMRC have confirmed receipt of the money and will instruct their solicitors to advise the court that the debt has been paid in full and have no objection to the petition being dismissed.
Preston North End, club
Citation-ready fact
HMRC have no objection to dismissing the winding up order.
HMRC, tax authority
Preston North End football club is expected to avoid a winding-up order after a last-minute payment of its debts to Revenue and Customs (HMRC).
The club's survival has been secured by a £470,000 loan from shareholder and businessman Trevor Hemmings.
North End is due to appear at the High Court on Wednesday to face the winding-up petition over non-payment of the £470,000 tax bill.
HMRC have no objection to dismissing the winding up order, the club said.
In a statement released to the stock exchange, the club said: "HMRC have confirmed receipt of the money and have stated they will instruct their solicitors to advise the court that the debt has been paid in full and they have no objection to the petition being dismissed ."
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