Loan assures Preston North End survival
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 ."