League Two high flyers AFC Bournemouth lived to fight another day after surviving a winding up petition this week.

The Cherries owed a total of £400,000 to the tax man, prompting HM Revenue and Customs to take drastic action. But the petition was dismissed at Liverpool Combined Court on Monday.

The club’s new owners The Murry Group, who took over at the club in June of this year, worked hard to save the cash-strapped Cherries, making the final payment just three days before deadline day.

Club chairman Eddie Mitchell said in a statement:

“We have been able to pay the HMRC debt. These efforts are something that needs to be kept up for a long time so that we will be rid of all our debts.”

Bournemouth must now try to reduce the amounts owed to stadium owners Structadene. The previous board sold the stadium to the London-based property firm for £3.5m in December 2005. But the sale meant the club had to lease back the stadium at a very high cost.

The club say they are up to date with the current rent bills, but need to settle deferred payments.

With the tax bill cleared, Mitchell is also hoping the club’s transfer embargo will be lifted. Despite the club's financial strife Mitchell is aware that boss Eddie Howe often has just three or four substitutes available to him, and he knows that reinforcements are needed if they are to continue their fast start to the season.