Southend United can confirm that HM Revenue & Customs administration petition has today been dismissed at the Royal Courts of Justice.

The Club has been required to provide evidence to the Court that it is able to meet all current liabilities as well as future debts as and when they fall due.

Blues Chairman Ron Martin said: "We anticipated that we would reach a satisfactory outcome and now can move on.

"We have partnered with Sainsbury's but they are not a charity.

"There is an agreement to deliver a new stadium for the Football Club and a new store at Roots Hall.

"The Club is now up-to-date with all outstanding tax debts and we have demonstrated in our cash flow over the next 12 months that we can meet future liabilities as they fall due.

"It has been a complex transaction and the next phase of that is to now start construction of the new stadium.

"We have worked out the finer details with the Football League to remove the transfer embargo currently in place on the Club and now matters with HMRC are settled we anticipate the embargo being lifted today or tomorrow."