Portsmouth was granted a seven-day reprieve over its debts by London's High Court on Wednesday to avoid becoming the first Premier League club to go out of business.
A winding-up order was put on hold but Portsmouth was ordered to produce a statement revealing its financial affairs by Feb. 17 after the court expressed concern about the club trading while insolvent with debts set to rise from its current figure of 11.5 million pounds ($18 million).
Portsmouth, a 112-year-old club that has had four separate owners this season, said it had received two serious takeover offers that would clear its debts.
"I am very concerned about the financial …
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