English Championship side Aston Villa have been handed a £4.2 million (US$5.6 million) tax bill by the United Kingdom government and have been given seven days to pay or risk facing a winding-up order and going into administration, according to reports.
The Championship side have also confirmed there are no insolvency practitioners or administration advisors working with the club.
They lost the Sky Bet Championship play-off final 1-0 to Fulham last month after finishing fourth.
A statement from the club added: "Owner and chairman Dr Tony Xia would like to take this opportunity to sincerely thank supporters during this hard and unsettling time and reassure them plans are now being put in place to move the club forward".
Huge investment in player wages and more than £70m in transfers in two seasons has left the club facing an HMRC winding-up order.
The latest statement is a move to reassure Villa fans that administration is not an immediate prospect and the situation with HMRC has, for the time being, been dealt with.
Aston Villa will refuse to sell £30million-rated midfielder Jack Grealish on the cheap despite their mounting financial problems. Whilst this may at least be a move in the right direction it would be extremely optimistic to see this as anything other than a short-term measure.
Things got even worse for the former European champions on Tuesday afternoon when they announced chief executive Keith Wyness has been suspended over a failure to pay an outstanding tax bill. Any potential new owner would need in excess of £100m simply to cover the contractual commitments in place at Villa Park.