Plymouth Argyle Football Club has avoided being wound up after paying some of its debts to Her Majesty's Revenue and Customs.
But the Npower Championship side still owes money to HMRC with Pilgrim’s consultant and former Cardiff City and Leeds United chairman Peter Ridsdale crediting player sales with helping pay the debts before warning that more work needed to be done.
Ridsdale told the club’s official site: "As a result of being able to sell Craig Noone and Réda Johnson, and some of the actions we have taken, we have been able to satisfy the petition-debt, and I am delighted that's probably a couple of weeks ahead of schedule, from our perspective.
"Whilst, on the face of it, that's very good news, what we shouldn't do is forget that we still have an outstanding amount of money owing to the Revenue, which, whilst not yet subject of a petition, will be if we do not quickly find a way of paying that off.
"There is still a massive mountain to climb. We need everybody's support in the community - businesses, politicians, supporters. We've made a good start. It is very good, but not yet complete.
"We are meeting with investors; we are meeting with anybody who thinks they can positively contribute to assisting us to close that gap in the finances that currently exists."
Ridsdale also revealed the club has also paid its staff and players their wages for December.
"The staff were paid for November - but late - but weren't paid for December. I am delighted to say that the bank payment was triggered [on Wednesday], although it will probably be Friday when the money's actually cleared. But it will be there," Ridsdale said.
He added: "The players received part-payment for November through a mixture of PFA loans directly to the players, and the club. There is still a balancing number for November to be paid to the players, but they were paid in full for December this week, alongside the staff."