Portsmouth given 7 days to avoid administration

(AP) — Premier League club Portsmouth has been granted a seven-day reprieve over its unpaid taxes by London's High Court to avoid going out of business.

Portsmouth persuaded the court on Wednesday to give it more time to reach a deal with the government's customs authority, but the club was ordered to produce a statement of its financial affairs by Feb. 17.

The court was told that Portsmouth is trading while insolvent and owes nearly $18 million in taxes. However, Portsmouth says it has received two offers to buy the club and pay off debts.

Portsmouth is set to be relegated, with the club last in the league.