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Financial axes start to swing in English football

Chester City, a 126-year-old English football club, has been wound-up, while Premier League Portsmouth will lose 85 jobs but survive until the end of the season.

These are among the latest reports from English football's financial frontline, a bloody turf of late.

Chester City reached the heights of the League Cup semi-finals in 1975, but was relegated from the football league 10 years ago, and yesterday no-one appeared in the High Court to oppose the clubs winding up. It had failed to pay a £26,125 tax bill.

On the same day there was a glimmer of hope for Portsmouth FC as administrator Andrew Andronikou said the club would finish the season and begin the new season in August 2010. However 85 employees will lose their jobs as part of the club's financial restructuring. Portsmouth's debts are around £78 million.

Also in the High Court on Wednesday, but escaping winding-up, were Championship club Cardiff City and League 1 club Southend United. Cardiff was given 56 days to pay off debts of around £1.9 million and Southend a shorter time to settle debts of £411,000.