Northampton Borough Council has requested an urgent meeting with the HMRC to discuss the winding up petition against the Cobblers.
This morning details of a petition to cease Northampton Town Football Club from trading were revealed by the Cobblers chairman David Cardoza.
It is understood the club owes a figure under £100,000 in unpaid taxes and as a result is being called to a High Court hearing on November 16 by the HMRC.
The news comes on the day the club was due to pay back a £10.25 million loan to the borough council, which it borrowed for a stadium development.
A spokeswoman for the borough council said that as a result of this morning’s announcement, the authority would be reviewing its loan to the club.
A spokeswoman said: “Clearly this is a dynamic situation which is developing very rapidly.
“Following this morning’s announcement, we are contacting HMRC and are requesting an urgent meeting with them.
“Our priority now is to understand what is happening at the football club and the impact this action will have.
“When we have the facts on this, we will consult our legal advisors about the appropriate steps regarding our loan to the club.”
However former Northampton South MP and lifelong Cobblers fan, Brian Binley, says he is disappointed the HMRC has issued a winding up petition after just one missed tax repayment, believed to be a five figure sum.
He said: “The HMRC is very quick to hit an organisation like Northampton Town Football Club, when there are massive organisations in this country which, get away Scott free with not paying their taxes.
“I would expect the inland Revenue to be a little more helpful to organisations which form an important part of their community - and a little less helpful to companies which don’t pay huge amounts of money.”