THE chairman of Basingstoke Town Football Club is assuring fans that the club is not in danger of being wound up.

The Inland Revenue this week applied to the High Court in a petition to wind up Basingstoke Town Football and Social Club Ltd. The matter is due to be heard next Wednesday in London.

But club chairman Dave Knight told The Basingstoke Extra: "Basingstoke Town will not be wound up.

"I must admit this petition came as a bit of a surprise to us. We do owe the Inland Revenue money - I'm not prepared to say how much - but our advisers and accountants are dealing with it.

"We were not really expecting this but when the matter comes before the court next week they will ask for an adjournment.

"We are on the point of restructuring the club at the moment. We are forming a new company called Basingstoke Town Ltd and that will take over all the assets and debts of Basingstoke Town Football and Social Club Ltd. That should be completed in a matter of weeks."

Mr Knight said that the club had taken the decision to form itself into a private company at its annual meeting last August and offer £1 million-worth of shares to local businesses at £5,000 a share.

Mr Knight added: "A number of people have indicated that they are willing to contribute through share ownership. But that won't actually take place until the new company comes into being."

The club is hoping initially to raise £100,000 through the share scheme this season.

Club president Rafi Razzak, owner of thriving computer firm Centerprise International, has pledged to make up any shortfall up to a six-figure sum.

An Inland Revenue spokes-man said: "The Inland Revenue can apply to the High Court if an individual or company owes them money and they haven't paid. In the case of an individual, we apply for a bankruptcy order. If it is a company, we apply for a winding-up order.

"The amount of money owed will come out in the court proceedings - if the proceedings go ahead.

"In many cases they find the money before the day of the court hearing and pay it off. In that case the hearing is postponed or the petition withdrawn. They don't have to appear and the amount they owed is not made public."