Southend have been granted a stay of execution in the High Court today after they vowed to clear their £2.135 million tax debt by Friday.

The League One side face the prospect of being placed into administration and a winding-up order due to their debt to HM Revenue and Customs, but the case has been adjourned after Mr Justice Warren was informed the club had offered to pay up by Friday.

HMRC did not oppose an adjournment until next Monday, by which time it would be known whether the sum had been paid in full.

The judge heard that HMRC originally presented a winding-up petition for a tax bill of £690,000, but last week, after it became clear that a far greater debt was owed, it changed tack and presented an application to have the club company put into administration.

If the money is paid in full, both sets of legal proceedings will be dismissed on Monday.

The club confirmed last night that they had turned down the offer of investment from an unnamed consortium.

United are currently 10th in League One, but would be deducted 10 points if they were placed into administration, and that would see them drop into the relegation zone.

Shrimpers chairman Ron Martin has saved the club from administration on two previous occasions.