TROUBLED Chester City received a stay of execution yesterday, when the High Court in London adjourned a winding up petition from HM Revenue and Customs for 42 days.

The petition was brought after City failed to pay in excess of £26,000 to the tax authorities. Recorder Ms Derrett ruled that Chester had until March 10 to sort out the matter, following submissions from their legal representative. In a surprising development in the short hearing, the court was told that Chester City were considering entering a CVA route to ease their financial debt, unconfirmed reports last night suggested that the club were contemplating an arrangement that paid creditors 92 pence in the £.

Yesterday’s adjournment means that any potential purchasers of the Deva Stadium outfit now have a period of grace to enter a due diligence process.

City were put up for sale on Monday for £1, however any prospective suitor must pay all the clubs debts, which are thought to be an amount that reaches into six figures.

The sale of City, and the due diligence activity, is being handled by a Manchester based legal company who specialise in commercial affairs.

Chester have had financial trouble for the past two years, with the fiscal meltdown accelerating in the past six months and any of the club’s players and staff haven’t been paid for over two months, with a number of their senior players moving to other clubs.

Chester’s supporters group City Fans United issued a statement last night saying: “No one wanted Chester City Football Club to die. But the stay of execution given to the club in the High Court is of little comfort to Chester supporters.

“The way our club has been run is indefensible and has led to a catastrophic loss of confidence by supporters, businesses, the football authorities, and the wide community.

“The only way forward is a swift and decisive change of ownership.”