8 September 2010 Last updated at 09:31 ET

Ilkeston Town Football Club wound up over unpaid tax

The club asked to be granted more time to pay the tax bill

Ilkeston Town Football Club has been wound up by the High Court over an unpaid tax bill.

Lawyers acting for the club had pleaded with the court to give it more time to pay the outstanding £50,000 to HM Revenue and Customs (HMRC).

They said the sale of one of the club's star players was expected to generate £20,000 within the next two weeks.

But HMRC pressed on with the winding up petition with the club being described as "plainly insolvent" by the court.

The court heard Ilkeston Town's chairman, Gary Hodder, was negotiating with investors interested in purchasing the Blue Square Bet North club.

It also argued that it could afford to pay off its tax debt by instalments of £1,000 a month from income from the start of the season.

After a two-minute hearing, court registrar Christine Derrett sealed the club's fate when she said: "I'm sorry, the company is plainly insolvent and I therefore make the final compulsory order."