GOSPORT Borough were yesterday saved from winding up after settling an undisclosed tax debt.

The petition – the fifth in 12 months - had been adjourned from last week to give the club time to pay.

Registrar Nicholas Briggs dismissed the HMRC petition at London’s High Court after being told the debt had been paid.

The club were relegated from the National League South last season and are preparing for life back in the Southern Premier Division.

New Borough chairman Tony Stares was reported recently as saying there was no danger of the club folding and that the latest undisclosed debt would be paid.

Stares took on the chairman’s role purely in an advisory capacity and is not directly involved with the club's finances.

He is, however, trying to "untangle" the mess Gosport have got themselves into and says he has slashed the playing budget "by about 90 per cent."

Former chairman Mark Hook remains on the board of directors.