The club said it has held talks with creditors over the summer and it is understood that, at this stage, Wednesday do not believe anyone else will add their outstanding debt to the taxman's winding up petition.

The Owls are currently due at the High Court on August 11 over £550,000 in unpaid PAYE, National Insurance and VAT.

The club believes it can come to an agreement to pay off the tax debt before the court date but Wednesday would be in a more difficult situation if other creditors joined HMRC's action.

Wednesday goalkeeper Lee Grant yesterday agreed a three-year deal with Burnley in a move which will net the club a fee of around £1m.

The Owls plan to use the money to pay off £300,000 in outstanding PAYE, which would enable the lifting of a second transfer embargo imposed because of a breach of Football League rules on tax payments.

The club hopes to reach a separate, staged agreement to pay off £250,000 in outstanding VAT.

Last night a Wednesday spokesman said: "Sheffield Wednesday has held constructive dialogue with the majority of our creditors over the summer. In recognition of our relegation and subsequent drop in revenue, a number of creditors have agreed new payment plans moving forward.

"We are thankful to these creditors, who are understanding of our position and want the club to be successful in the future."

HMRC actually has two winding up petitions against the club – one for Sheffield Wednesday Football Club Ltd, issued on June 21, and one for the parent company, Sheffield Wednesday PLC, issued on June 28.

But they both relate to the same tax debt and both are listed to be heard on August 11.

The petition issued on June 21 has now been published in the London Gazette, a formal requirement which alerts any other creditors that a company could be wound-up over unpaid debts.

If other creditors come forward their claims would be joined with HMRC's when the case is due to be heard and Wednesday would have to satisfy the court the club could pay the full amount claimed or face a potential winding up order and administration.