The winding-up petition served on League Two promotion hopefuls Bury has been adjourned after a hearing in London’s High Court today.
Initially brought by former head coach Chris Brass, the case has now been taken over by HM Revenue & Customs.
Brass had a short spell in charge of Bury during the 2016-17 season, and the judge adjourned the winding-up petition against the club until 15 May after being told that terms have been agreed to pay an undisclosed “historic debt” owed to Wigan Athletic’s current head of football operations.
It is unclear how much Brass is owed, but HMRC is looking to retrieve a debt of £277,000 which Bury’s lawyers have said the club will make payment in full in five weeks.
A statement on the club’s official website said ‘The Chairman would like fans to know our Club is safe and we got the result he was after in the High Court. He will be putting out a statement later today.’
Financial issues emerged last week after reports surfaced the club had not paid their players and staff for March.
The hearing came the day after the Bury Times reported the business empire of former chairman and owner Stewart Day had collapsed, owing £27 million.
Day stepped down as Bury chairman in December, a position he had held since May 2013, a period which saw several financial problems for The Shakers.
The Shakers looked to be in pole position for automatic promotion before the financial issues came to light, but since then, the turmoil off the pitch has been accompanied by a dramatic collapse in form on the field.
They were unbeaten in their previous fourteen games and within striking distance of leaders Lincoln City before losing their last three games, an implosion which now sees them in fourth place, a point behind MK Dons in third and twelve points behind the Imps at the summit.
Supporters will no doubt be happy at the news but will still have significant concerns over the future of the club.
While the court ruling has led to more details emerging, the full nature of the problems at Bury remains shrouded in secrecy.
For instance, there is still no confirmation that the Players and staff have received their March salaries.
New Chairman and owner Steve Dale needs to let the supporters know his plans for the club.
Supporters are fed up of years of living hand to mouth and need to know more than anything where this leaves the club in terms of its competitiveness for next season.
Most supporters will surely feel the club is far from safe until they receive more detail as to what is going on behind the scenes.