Aston Villa Avoid Immediate Threat of Administration After Reaching Agreement With Tax Authorities
After receiving a winding-up order from HM Revenue & Customs, Championship club Aston Villa have reached an agreement with tax authorities to see them avoid liquidation and entering administration.
According to reports, Aston Villa were able to stave off the impending threat of entering administration by promising tax authorities they would receive half of the Villains owed debt, £1.2m by the end of the week.
BREAKING: Sky sources: @AVFCOfficial reach agreement with tax authorities to stave off immediate threat of administration. #SSN
— Sky Sports News (@SkySportsNews) June 6, 2018
Taking steps to repay their debt, the Birmingham based club paid £500,000 to HMRC on Wednesday afternoon, with the remaining £700,000 set to be paid by June 10.
Furthermore, it has been suggested that current owner - and interim chief executive following the suspension of Keith Wyness on Tuesday - Dr Tony Xia may sell Aston Villa, but would find it preferable if he could stay in charge of the club and secure new investment.
Amid the Villans' financial uncertainty however, they will likely be forced to subdue their excessive spending since dropping out of the Premier League in 2016.
Villa have recently paid big money for stars such as Jonathan Kodjia, Scott Hogan and Ross McCormack among various others.