In a brief statement on the club's official website, the club said, "Following completion of the takeover deal, the club have now fulfilled all overdue outstanding payments to HMRC."

The club were allowed to delay the winding up petition three times whilst the takeover by the consortium led by former player Dean Holdsworth was finalised.

The club owed £2.2m to HMRC which following the takeover has now been paid. The new owners will still have to continue to repay some of the debts owed to former owner Eddie Davis.

Whilst the club has steadied the ship financially since the takeover, their fortunes on the pitch have failed to improve.

Following the departure of manager Neil Lennon by mutual consent last week, they were thrashed 6-0 by Bristol City at the weekend and now look to be all but assured relegation from the Championship.