Aston Villa have confirmed their immediate tax issues have been resolved - and that they have no plans to go into administration.
Villa announced the news in a statement on the club website as part of the fast-moving situation at Villa Park.
“Aston Villa Football Club can confirm that an agreement has been reached with HMRC and the club will continue to fulfil its obligations.
“The club can also announce that there are no insolvency practitioners or administration advisors working with the club.
“Owner and Chairman Dr Tony Xia would like to take this opportunity to sincerely thank supporters during this difficult and unsettling time and reassure them plans are now being put in place to move the club forward.”
The news will come as a huge relief to supporters and shortly after Xia took to Twitter to reveal his latest thoughts on the current situation.
The Villa owner broke his silence after the club's financial situation was laid bare.
Xia communicated with fans a week after releasing an official statement in the wake of the Championship play-off final defeat to Fulham.
The worrying state of Villa's finances has been revealed in the weeks since that loss at Wembley which denied the club a return to the Premier League.
Xia is facing major cashflow problems and is expected to listen to offers for Villa's top assets during the window in order to ease their Financial Fair Play concerns.
He has managed to source £2m from China and borrowed a further £4m to help cover the costs in the weeks ahead.
The owner said today he had tried his best to keep the club moving forward in a brief but sobering tweet.
Xia admitted: "It has been very difficult two weeks as I hinted earlier I was almost heartbroken by something.
"Tried my best to keep beloved AV move forward.
"Thanks for all ppl standing together going through the difficult time. It was all supporters’ encouraging words to keep me/us stronger. #UTV."
It’s understood that Xia is doing everything possible to keep hold of the club he purchased in 2016 having invested over £150m.