THE Inland Revenue's bid to wind up Basingstoke Town Football Club was adjourned when the case came before the High Court in London.

Club chairman Dave Knight told The Gazette: "We asked for an adjournment and it was granted. It gives us six weeks to sort things out. We are in the process of restructuring the club. We are forming a new company called Basingstoke Town Ltd which should be completed in a matter of weeks. The Inland Revenue petition is against the existing Basingstoke Town Football and Social Club Ltd."

He added: "By the time the case comes up in court again on June 12 we will either have paid the money we owe the Inland Revenue or the debt will have been transferred to the new company.

"But, whatever happens, there is no chance of them winding up the club."

It was two weeks ago that the club received the petition threatening a winding-up order from the Inland Revenue.

Mr Knight said that although they were aware they owed money to the Inland Revenue, they were shocked to receive the petition - even though they were not worried.

He explained that the club had taken the decision to form itself into a private company at its annual meeting last August and offer £1million worth of shares to local businesses at £5,000 a share.

A number of businesses have already indicated that they are willing to contribute to the club through share ownership. The club is hoping to raise £100,000 through the share scheme.

Club president Rafi Razzak, owner of multi-million pound Basingstoke computer company Centerprise International, has pledged to make the share capital up to a six-figure sum if there is any shortfall.