Aston Villa staved off the immediate threat of administration on Wednesday by finding £2million to pay a overdue tax bill owed to HMRC.
The club have been desperately searching for options amid owner Tony Xia’s inability to extract money from China to cover the monthly deficit of between £5m-£6m.
Xia has regularly covered losses with cash but failed to provide funds in May, plunging the club into uncertainty and the prospect of a winding up order.
Aston Villa owner Tony Xia has been covering monthly deficit ofaround £5million
The Championship club have reached agreement on a overdue tax bill owed to HMRC
But having secured the required money short-term Villa sources are confident of avoiding administration.
The club’s finances are extremely tight however and player sales are expected. Jack Grealish is attracting interest from six Premier League clubs.
Steve Bruce is uncertain of his future and the dismissal of chief executive Keith Wyness removes the manager’s typical sounding board.
Xia is adamant he does not want to sell despite takeover talk, although money has already been borrowed against future parachute payments, properties owned by the club have been remortgaged, and cash owed on at least two structured transfers has been recouped early.